The Australian Dollar is trading steadily against the majority of its most traded peers as investors take and see approach to the ongoing budget and debt ceiling stalemate in the United States.
Early in Monday’s session the Australian currency fell after official data showed that home loans in the Oceanic nation fell by 3.9% in August, a figure that was more than the decline of 2.5% expected by economists. The previous month saw home loans edged higher by 2.1%.
On Sunday data released in China weighed upon the ‘Aussie’ as investors grew concerned over a possible slowdown in the world’s second largest economy and Australia’s biggest trading partner. China’s trade surplus narrowed sharply in September as exports fell.
The ‘Aussie’ managed to pair its losses as the session continued after investors looked closer at the details of the data.
“Some concerns about lower-than-expected Chinese export numbers were offset after investors saw there is actually some fairly positive news there. However, deadlock in the US government means that markets are quite content to sit on the sidelines” said Chris Hunter corporate dealing manager at Western Business Solutions.
This week is likely to be dominated by risk aversion as the 17th October deadline for the US government to raise its debt ceiling approaches and with no resolution to a three-week long stalemate in sight investors are growing concerned. Comments made by the International Monetary Fund and calls by the World Bank for ‘urgent action’ to be taken did little to inspire confidence.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9463 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6982 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5922<
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1319
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4320 >
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6883 >
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8834 >
Correct as of 10:25 am GMT
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