The AUD/USD pair builds on the overnight bounce from the 0.6365 area, or its lowest level since November 2022 and gains some positive traction during
the Asian session on Friday. Spot prices climb further beyond the 0.6400 mark in the last hour and for now, seem to have snapped an eight-day losing streak, though any meaningful appreciating move still seems elusive.
Fears over China's debt-laden property sector intensified after Evergrande – the country's second-large realtor – and a related company – Tianji Holdings – filed for protection from creditors in a US bankruptcy court on Thursday. This adds to concerns about the worsening economic conditions in China and fuels speculations about additional stimulus measures, which, in turn, drives some flows towards the China-proxy Australian Dollar .
The USD downtick, meanwhile, could be solely attributed to a modest pullback in the US Treasury bond yields from a multi-year peak. It is worth recalling that the yield on the benchmark 10-year US government bond shot back closer to its highest level since 2008 touched in October 2022 in the wake of growing acceptance that the Federal Reserve will keep interesthigher for longer.
Traders might also refrain from placing aggressive bullish bets around the Aussie in the wake of rising bets for another on-hold rate decision by the Reserve Bank of Australia in September, bolstered by the disappointing domestic jobs data on Thursday. In fact, the Australian Bureau of Statistics reported that the economy lost a net 14,600 jobs and the
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