AUD/USD keeps the red below mid-0.6900s amid modest USD strength, softer risk tone – by hareshmenghani AUDUSD Recession China Fed Currencies
Spot prices retreat further from the highest level since August 17 touched on Monday and drop to the 0.6930 region during the mid-European session.
Investors remain concerned about a deeper global economic downturn amid the worst yet COVID-19 outbreak in China and the protracted Russia-Ukraine war. The fears were fueled by Tuesday's release of the Chinese GDP report, which showed that growth decelerated from the third quarter's reading of 3.9% to 2.9% during the October-December period - marking one of the worst levels in nearly half a century.
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