US policy a "source of menace" for the AUD - ING

ING analysts are out with their thoughts on the risks posed to the Aussie as markets head further into the week.

Key quotes

"While a soft Australian jobs release has dented the Australian dollar, the real source of menace remains US policy. 

On the monetary side, higher short-term US rates continue to weigh on high-beta commodity currencies.

 On the trade side, the follow-through of US tariffs on Chinese imports is a particular blow for the trade-sensitive AUD. 

In a quiet week for global markets, we suspect the latter will be the prevailing narrative - and this doesn't strike us a particularly conducive risk-taking backdrop. 

The June RBA minutes (Tuesday) - as well as Governor Philip Lowe's participation at the ECB's Sintra conference (Wednesday) - are likely to be non-events for the AUD. 
Look for the pair to remain contained in the 0.7400-0.7600 range in the absence of any further directional catalysts."