Justin had the news yesterday that quickly slashed 60 points from the AUD/USD
Since then Australia has tried to play it down:
- Australian Minister Frydenberg denies China has banned Australia imports
- RBA's Lowe says surprised by AUD drop on China coal news
Financial Times (link but gated) have a piece up now on it, making points:
- Concerns … controls were linked to political tensions between Canberra and Beijing after Australia banned Chinese telecoms maker Huawei from operating 5G networks last year.
- Wood Mackenzie: "The high quality of seaborne coal, and difficulties securing alternative coals domestically, should insulate coal exporters from much deeper cuts, despite strong signals from China."
- ANZ- the report had "spooked" the market but did not expect a lasting impact on the Australian dollar.
AUD since:
