AUD/USD Plummets as Strong US Data Crushes Aussie Dollar

The Australian dollar suffered its worst daily fall in over three months against the US dollar, as strong US data sent Treasury yields and the greenback sharply higher.

The composite PMI reached a five-year high according to S&P Global, raising concerns that the economy is reaccelerating, with activity and price pressures both running hot.

This led to a sharp Treasury sell-off, as markets priced a more hawkish Fed path.

AUD/USD was the weakest FX major, bearing the brunt of the risk-off session, with the US dollar strengthening against all major currencies.