Daily Report: AUD Sharply Lower as Investors Sell Australia, Dollar Consolidation Con

[Forex-Outlook]

While European majors are somewhat stabilized, selling focus has turned to Australian dollar as the commodity currency is sharply lower across the board today, with AUD/USD down to eight month low of 0.8254. Aussie's weakness is clearly felt even against other commodity currencies as AUD/CAD dives through 0.8793 medium term support to as low as 0.8688. AUD/NZD also breaks recent low of 1.2391 to as low as 1.2256. While risk aversion is certainly a factor in Aussie's free fall considering broad based decline in Asian stocks, there must be some additional reasons as dollar and yen are relatively steady against European majors only.

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