AUD/USD down 21 pips to 0.7268
ANZ Research sees limited upside for AUD and fellow commodity FX in the near-term.
"We think challenges in emerging markets -in terms of China's asset-market volatility and growth -are likely to continue to weigh on sentiment amid deleveraging and sectoral adjustments. Despite being above trend, we expect growth momentum in developed markets to be mixed, with US growth vulnerable given relatively low vaccination rates," ANZ notes.
"On net, the muted growth impulse, alongside modestly tighter liquidity is likely to leave the AUD and its fellow commodity currencies in a bind for some time," ANZ adds.
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