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The Australian dollar is getting smashed

Jeff Mitchell / Getty Images

The Australian dollar has been pummelled in Asian trade on Monday morning, tumbling by around 1% in just a matter of minutes.

Having started the session buying .7296, the selling in the Aussie accelerated from 12pm AEDT, falling to as low as .7223 from .7274 in the space of just 15 minutes.

Currently the AUD/USD buys .7234, a decline of 0.85% for the session.

AUD/USD 5-Minute Chart Source:

Further weakening in the Chinese yuan likely contributed to the move with the PBOC fixing the USD/CNY rate at 6.5032 on Monday, above the prior fixing level of 6.4936 from Thursday last week.

Offshore traded yuan, or CNH, has also weakened with USD/CNH currently trading at 6.5990, an increase of 0.5%.

USD/CNY Daily Chart Source:

Here’s the current Aussie dollar scoreboard. Note that the Aussie is actually outperforming the New Zealand dollar – another high-yielding currency – at present.

  • AUD/USD 0.7233 , -0.0063 , -0.86%
  • AUD/JPY 87.03 , -0.72 , -0.82%
  • AUD/CNY 4.7080 , -0.028 , -0.59%
  • AUD/EUR 0.6671 , -0.0046 , -0.68%
  • AUD/GBP 0.4916 , -0.0029 , -0.59%
  • AUD/NZD 1.0673 , 0.0025 , 0.23%

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