The Australian dollar depreciated past $0.656 on Tuesday(12/11), sliding toward its weakest levels in three months as the greenback continued to dominate on expectations that US economic outperformance and aggressive trade practices under a Trump presidency could drive up inflation. Additionally, weak economic data and a disappointing stimulus package from China, a key trading partner, added further pressure.
The Australian dollar is often seen as a liquid proxy for the Chinese yuan, and its decline reflects ongoing concerns about China's economic outlook. Domestically, Australia's consumer confidence surged to a two-and-a-half-year high in November, supported by easing worries over interest rate hikes, while business confidence reached a near two-year peak in October. Investors are now eyeing third-quarter wages figures on Wednesday and the monthly jobs report on Thursday, for further clues on the strength of the labor market.
Source: Trading Economics
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