Fighting the US dollar is a costly battle at the moment
The Australian dollar bounce continues to fade as it rushed to a session low at 0.7013 from 0.7050 in a quick move lower.
It's part of a broader bid in the US dollar that's boosted USD/JPY and is weighing on GBP/USD. The dollar has been in major demand since the FOMC decision.
It was dovish but I suspect dollar-buyers were on the sidelines and waiting to buy but the expected dollar slump never materialized and now they're flooding in.
There isn't talk of big orders at 0.7000 but there is some size at 0.6950, 0.6934 and 0.6900 so the downdraft might not be done yet.
Here are four reasons why Goldman Sachs expects the Australian dollar to fall further.
