Australian Dollar Weighed by AI Stock Weakness, Higher Bond Yields
Dow Jones
Aug 19
0112 GMT - The Australian dollar weakens slightly against its U.S. counterpart. Its headwinds include "another leg down" in artificial intelligence and chip stocks and new highs in long-term government bond yields, Westpac's Richard Franulovich says in commentary. The headwinds are "collectively sapping risk sentiment and AUD," says the head of the FX Strategy group. With Australian dollar's break below initial support at the US$0.7085 area earlier this morning, the next support is pegged at the US$0.7040 zone, Franulovich adds. The Australian dollar is 0.1% lower at US$0.7076, LSEG data show.
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