AUD/USD

The pair was seen to continue its steep decline and to further go lower towards a major support line. Australia is relying heavily to the United States to thwart China’s growing military and economic influence in the Asia-Pacific. Australian Foreign Minister Marise Payne said that the U.S. is planning to build additional military infrastructure in Australia once the U.S. Congress gives approval to the U.S. Navy for $211.5 million. The plans for a bigger U.S. footprint in Australia come at a time when the Western allies have become increasingly concerned by China’s efforts to expand its influence in the Pacific. Aside from this, Australia wants to end China’s “developing nation” status to rewrite the rules that gave China an advantage when it comes to trade negotiations. Australia wants to go further by bringing this concern to the World Trade Organization (WTO) to better reflect its status as the second-largest economy in the world.