Aussie the laggard ahead of European markets open

The Australian dollar is the weakest performing major currency so far today


The decline comes from a multitude of factors amid weaker Chinese data and yuan fixing but also as the RBA reiterated calls for more easing down the road in its meeting minutes.

The currency trades at session lows currently ahead of European trading and the weakness is inadvertently driving the kiwi lower as well.

Other major currencies are more within range as focus starts to shift towards the FOMC meeting tomorrow instead. Movement are <0.1% among dollar pairs and that suggests a bit of tepid sentiment to start the session.

The risk mood remains more measured as well with equities looking more cautious and bond yields a touch weaker but not really anything too overwhelming just yet.

Looking ahead, I reckon markets will start to settle into a bit of a lull amid spotlight on the Fed so it’s all about the ebb and flow and positioning before the main event tomorrow.

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