Australian Dollar trades broadly lower in today's Asian session, influenced by notable decline in Hong Kong and Chinese stock markets as driven by selloff in technology stocks in these regions. Additionally, there is growing investor caution ahead of impending economic data from China, which is anticipated to highlight deepened deflation and challenges in the export sector. This cautious sentiment has led to Australian Dollar being the weakest performers so far, with Swiss Franc, British Pound, and Kiwi following.
In today's relatively subdued markets, the notable development is weakness in commodity currencies, led by Australian Dollar. This decline comes amid a drop in oil prices following Saudi Arabia's decision to cut official selling prices across all regions. Additionally, precious metals have softened in response to rebound in global benchmark treasury yields. The downward trend also extends to industrial metals, which are affected by worsening global economic outlook.