For a third day the Australian Dollar was able to climb on its US counterpart. The ‘Aussie’ was also able to strengthen modestly against the Pound, despite Royal baby fever boosting the British currency.
The Australian Dollar exchange rate was trading in the region of 0.6023 against the British Pound as of 09:55 am GMT
During the local session the South Pacific currency was supported by rising commodity prices, decreased instability in the market and the news that a measure of ‘Aussie’ volatility dropped to its lowest for over eight weeks.
The ‘Aussie’ was also able to benefit from the expectation that tomorrow’s Flash manufacturing PMI for China (Australia’s most significant trading partner) climbed to 48.3 in July from 48.2 in June.
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate hit a low of 0.6008
In response to the commodity-driven currency’s movement currency strategist Ray Attrill commented: ‘The Aussie’s done pretty well overnight. Helping the Aussie is a big jump in gold prices. Declining volatility is giving a little bit of support to higher-yielding currencies as well.’
The Australian Dollar’s advance on the US Dollar was aided by yesterday’s disappointing US housing report, which adds to the case for the Federal Reserve maintaining its current level of asset purchases for the foreseeable future.
Additional Australian Dollar movement could occur in response to today’s US news, but fluctuations may be limited ahead of tomorrow’s domestic consumer price figures.
The main catalyst for AUD/GBP movement this week is likely to be Thursday’s UK GDP data.
Current Exchange Australian Dollar (AUD) Rates
< Lower > Higher
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9254 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7016 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6023 >
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1603 <
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0804 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4254 <
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6591 <
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8639 >
Correct as of 09:55 am GMT
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