The Australian Dollar has rallied against the majority of its peers after the release of positive data out of China and as the ongoing government shutdown in the USA weakened demand for the American currency.
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5795
According to the National Bureau of Statistics China’s official purchasing managers index for the services sector rose to 55.4 in September, the highest level recorded since March and up from the 53.9 level in August. Any figure above 50 indicates an expansion in activity. The upbeat data bolstered demand for the Australian Dollar and helped to improve global market sentiment in a week that has seen a strong aversion to riskier assets.
The upbeat news from the world’s second largest economy, combined with the weaker US dollar, helped to boost the Australian dollar.
“On the whole we think unless we see a big pick up in volatility, the Aussie dollar should stay firm in the near term between US93c and US94c, We think the US government shutdown won’t last too long, so the market is not getting too excited about it.
‘The other thing is that we’re getting less data out of the States because of the shutdown.We don’t know when payrolls (data) is going to come out, so volatility has dropped off a little bit because of that, so the US dollar has softened a bit,” said Commonwealth Bank FX economist Chris Tennent-Brown.
Current Exchange Australian Dollar (AUD) Rates
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The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9385 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6901 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5795 >
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1294 <
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0655 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4490 >
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.7256 <
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8854 >
Correct as of 09:45 am GMT
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