The Australian dollar has been poleaxed, falling to its lowest level since early 2017

• The Australian dollar was hammered Monday, falling to the lowest level since January 2017 against the greenback.
• A reviving greenback, with sharp declines in commodity prices before the introduction of US tariffs on Chinese imports on Friday, were the main drivers behind the abrupt reversal.
• The RBA will announce its July decision on interest rates later today. Australian building approvals data will also be released

The Australian dollar stabilized on Monday, falling to its lowest level since January 2017.

A reviving greenback, accompanied by sharp declines in US commodity prices base The introduction of US duties on Chinese imports on Friday proved to be a powerful mix, seeing the AUD / USD reverse all Friday's gains, and more, during the session.

Here is the dashboard at 7am in Sydney.

AUD / USD 0.7339, -0.0063, -0.85%
AUD / JPY 81.37, -0.40%, -0.49%
AUD / CNH 4.9058, 0.006, 0.12%
AUD / EUR 0.6304, -0.0035, -0.55%
AUD / GBP ] 0.5584, -0.0021, -0.37%
AUD / NZD 1.0926, 0.0048, 0.44%
AUD / CAD 0.9674, – 0.0051, -0.52%

After opening the week just above the 74-cent level, the AUD / USD has been under pressure in Asia, weighed down by a further fall in Chinese equities, the weakening of the Chinese yuan and data showing new export orders placed among major Asian manufacturers fell in June.

The negative sentiment in Asia has spilled over into Europe, seeing the collapse of the AUD / USD as low as 0.7308. For the last time in early January 2017.

Alongside the deterioration in investor risk appetite, the greenback helped the US dollar attract safe havens. uncertainty in Germany – the latter has been solved since

The AUD / USD has managed to find support for buying during North American trade, aided by a recovery in US stocks after an early sale.

The sentiment, rather than economic data, seems to dictate a direction despite the release of major economic data and the July ruling of the Reserve Bank of Australia (RBA) on interest rates.

The RBA should unilaterally leave its key rates unchanged at 1.5% "

This 10 second guide has more to do with what to look for in the statement.

Before the decision on RBA rates arrives, data on Australian building approvals for May will be released at 11:30 am AEST

Approvals are expected to remain unchanged after a 5% drop in April. Recent data on new home sales suggest that the risk could be bearish.

Outside of Australia, NZIER's New Zealand business confidence, PMI construction in the UK, producer price inflation and orders and Empire State Manufacturing Index In the United States

Given recent trends, the performance of Chinese financial markets could also have an influence on Aussie, particularly in Asian trade

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