Risk aversion from China, Europe weighing on commodity currencies

Another RBA hike and another slump for the AUD. Buy the rumor, sell the fact works again. Also weighing on the AUD is growing concerns that the Chinese economy is slowing down along with the usual concern that the European sovereign debt crisis could prompt risk aversion well beyond the EU’s borders.

Heavy stop loss selling is seen below the 91.20 level; barriers are rumored at 91.00. We trade now at 0.9163.