Unemployment Rate Rises, US-China Tensions Push AUD to 0.64000?The Australian Dollar (AUD) is under strong pressure against the USD. Market concerns about the Australian economy are growing, with the unemployment rate rising to 4.5% in September, the highest level in nearly 4 years. This has led to expectations that the Reserve Bank of Australia (RBA) will cut interest rates in November, further weakening the AUD.
Additionally, US-China trade tensions continue to escalate, with China tightening control over rare earth exports and export licenses, raising concerns about global supply chains. Although the USD is weakening due to expectations that the Fed will cut interest rates, the AUD is still negatively affected by these factors.
The AUD/USD chart clearly shows a downtrend, with lower highs and lower lows. The price is currently trading in a downward channel and is testing the support level at 0.64400. If this support level is broken, the price could continue to decline toward 0.64000.
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