- AUD/USD plunges to near 0.6440 as the announcement of additional port fees by China has battered the Australian dollar.
- RBA minutes showed that policymakers see signs of sticky inflationary pressures.
- Investors await Fed Powell’s speech and Australian employment data.
The AUD/USD pair is down over 1% to near 0.6440 during the European trading session on Tuesday. The Aussie pair has declined significantly as the Australian Dollar (AUD) underperforms its peers on the announcement from Beijing that it will begin charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil, Reuters reported.
Australian Dollar Price Today
The table below shows the percentage change of the Australian dollar (AUD) against listed major currencies today. The Australian dollar was the weakest against the Japanese yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.17% | 0.53% | -0.15% | 0.27% | 1.02% | 0.67% | 0.04% | |
| EUR | -0.17% | 0.35% | -0.30% | 0.08% | 0.88% | 0.50% | -0.12% | |
| GBP | -0.53% | -0.35% | -0.67% | -0.25% | 0.51% | 0.19% | -0.47% | |
| JPY | 0.15% | 0.30% | 0.67% | 0.42% | 1.14% | 0.78% | 0.15% | |
| CAD | -0.27% | -0.08% | 0.25% | -0.42% | 0.79% | 0.40% | -0.24% | |
| AUD | -1.02% | -0.88% | -0.51% | -1.14% | -0.79% | -0.38% | -1.00% | |
| NZD | -0.67% | -0.50% | -0.19% | -0.78% | -0.40% | 0.38% | -0.62% | |
| CHF | -0.04% | 0.12% | 0.47% | -0.15% | 0.24% | 1.00% | 0.62% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
The scenario is unfavorable for the Australian dollar, given that the Australian economy relies heavily on its exports to China.
On the domestic front, the Reserve Bank of Australia (RBA) minutes of the September policy meeting signaled that the monetary policy still remains restrictive. However, officials remained cautious over the inflation outlook, with inflation in housing and the services sector is proving to be sticky.
Going forward, investors will focus on the Australian employment data for September, which will be released on Thursday. The labor market report is expected to show that the economy added 17K fresh workers after laying off 5.4K employees in August.
Meanwhile, the US Dollar (USD) trades higher as trade tensions between the United States (US) and China have started fading. Additional US Treasury Secretary Scott Bessent has also confirmed that President Donald Trump and Chinese leader XI Jinping are on track to meet later this month in South Korea.
In Tuesday’s session, investors will focus on the speech from Federal Reserve (Fed) Chair Jerome Powell, which is scheduled at 16:20 GMT. Investors would look for cues about whether the Fed will cut interest rates by 50 basis points (bps) in the remaining year as signaled by the CME FedWatch tool.
