The Australian dollar recovered a bit after opening sharply lower today. While trading was somewhat slower than usual as markets in China and Japan were closed for a holiday, the new developments in the US-China trade war dragged commodity currencies down.
The planned US tariffs on $200 billion of Chinese goods took effect this midnight. In response, China not only promised to implement its own levies on US imports, but also canceled meeting with US officials that was planned for this week. China accused the United States of “trade bullyism,” and analyst argued that the Asian nation showed that it is not going to negotiate under tariff threats.
AUD/USD traded at 0.7274 as of 9:41 GMT after closing at 0.7286 on Friday and opening at 0.7260 today. EUR/AUD closed at 1.6111 at the previous trading session, opened at 1.6161 at the current session, retreated to the daily low of 1.6134, but later bounced to 1.6185.
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