AUD: Suffering as the CNY proxy – ING

Despite some ongoing reassessment of the dollar, AUD/USD has lagged, ING's FX analyst Chris Turner notes.

A move back to 0.6200 is possible next week

"We think it could be vulnerable into next week's US reciprocal tariffs, where more tariffs on China look likely as Washington seeks to restructure global trade. A move back to 0.6200 is possible next week, while a cross rate like GBP/AUD could push up to the 2.08/2.09 area – levels last seen at the start of 2020."