The Australian Dollar is trading firmer against the Pound and a number of its most traded peers as improved sentiment for the global economy and strong commodities bolstered the currency.
Yesterday’s news that the Eurozone has finally exited its record long recession bolstered global risk sentiment and continually positive data out of the USA and UK is giving investors increased confidence.
Wednesday’s session also saw a rise in consumer confidence after the Westpac Melbourne Institute Index of Consumer sentiment was released. The report showed that sentiment increased to its highest level in five months in August.
The ‘Aussie’ also found support against its peers after news out of Japan, the country’s second biggest trading partner, after the Asian country’s Economics Finance Minister Akira Amari said that Japan is halfway out of deflation.
‘‘If there is any notion that a Japanese market or a Chinese market is showing signs of a recovery, that’s going to fare very well for an Australian dollar which is so dependent on our trade flows between Japan and China,’’ said a trader.
The ‘Aussie’ could also find support from speculation that the now waning mining boom could be succeeded by a surge in the country’s natural gas industry. Some economists are predicting that whoever wins the upcoming elections will see the Australian economy flare to life once again in 2015 as the nation sees the benefits from a surge in gas exports. Some experts think that Australia could become the world leader in exports of the fuel.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9180
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6906
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5892
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1357
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0893
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4480
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6971
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8804
Correct as of 10:40 am GMT
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