AUD/USD surrenders modest intraday gains, seems vulnerable near 0.6400 mark

The AUD/USD pair struggles to preserve its modest intraday gains and retreats to the lower end of its daily range during the early part of the Europea

n session on Monday. Spot prices, however, manage to hold above the 0.6400 round figure, though the fundamental backdrop seems tilted in favour of bearish traders and support prospects for the resumption of a multi-week-old downtrend from the July swing high.

China rolled out new measures over the weekend to draw investors back into its battered stock markets, which, along with the better-than-expected domestic data, provided a modest lift to the Australian Dollar on the first day of a new week. It is worth recalling that China's finance ministry said in a brief statement on Sunday that the stamp duty levied on stock trading will drop from 0.1% to 0.05% as of August 28, marking the first reduction since 2008.

Apart from this, a positive tone around the equity markets drags the safe-haven US Dollar away from its highest level since early June touched on Friday and offers additional support to the AUD/USD pair. The corrective USD decline, however, remains limited in the wake of rising bets for further policy tightening by the Federal Reserve .

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