Aussie coal miner Glencore is planning to halt Australian coal operations for a temporary 3-week shutdown, citing the ‘oversupply situation’.
That’s the sort of news flow that will weigh on the AUD, despite it performing well ever since the RBA’s Kent’s comments yesterday on the option remaining for intervention in the currency. AUD/USD resistance kicks in initially at just above 0.8760. Support seen 0.8700/10.
