AUD/USD rapidly falls, rating agencies pressure market sentiment

At the beginning of the European market in December 12th, the Australian dollar/dollar quickly fell to a low of 1.0137, and the exchange rate was blocked by the 1.02 barrier.

Moody's said it will reassess its sovereign rating on the euro zone in the first quarter of 2012. Although the EU reached a consensus last week, it lacked new solutions to deal with regional debt crises.

At the same time, Carol Sirou, the head of Standard and Poor's, said in a recent statement that the decision by Standard & Poor's for the reduction of the sovereign rating of the euro zone countries will be announced in the next few days.

The Australian stock market closed higher on the 12th, but it has pulled away from the intraday high as investors continue to be concerned about the many obstacles facing Europe after the EU summit, and data on Chinese imports and exports from Australia have weakened.

As for the market outlook, the trend of the Australian dollar is still expected to repeat as the market is waiting for further bailout plans in the euro zone. Resistance is at 1.0220 and 1.0270 with support at 1.0130 and 1.0090.

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