AUD weighed down as Chinese stock markets extend slide

The Australian dollar was hurt by concerns over China after a sharp tumble of Chinese stock markets on Tuesday and again extended the slide again on Wednesday. Markets are worried over slowing growth in China.

The aussie was weighed down by the Chinese share market volatility and traded down to around US73.30 cents, down from yesterday’s high of US73.85 cents. It touched a one-week low of 73.14 cents at one point today. Meanwhile, the firmer greenback due to the prospects of a Fed rate hike next month are also keeping the AUD down.

Focus is on US inflation data and the minutes of the Federal Reserve’s July meeting due later in the day for clues on when the Fed will start raising interest rates.

The US dollar eased 0.2 percent against a basket of major currencies to 96.861. Against the yen, the dollar held steady at 124.35 yen.

The euro rose 0.3 percent to 1.1050, inching away from a one-week low near 1.1016 that had been set on Tuesday.

Sterling held steady at 1.5669. It had set a seven-week high of 1.5717 on Tuesday after UK inflation data bolstered bets that the Bank of England will raise interest rates in coming months.

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