The Australian Dollar is holding its ground against the Pound and is hovering close to a four-month high against the US Dollar as traders take a wait and see approach to this afternoons US data releases.
Early in the session the Australian currency climbed to a four month high against the ‘Greenback’ and ticked higher against many of its most traded peers after BHP Billiton, a leading resource company revealed that it has raised its production forecasts for iron ore, Australia’s biggest export. The company said that it expects total iron ore output will rise to 212 million tons, more than its previous expectation of 207 million tons.
Demand for the ‘Aussie’ was also bolstered ahead of the release of the long awaited jobs data for the week ending October 4th. The report was delayed due to the 16-day long US government shutdown and investors are eager to see if the report will give them some clues as to whether the Federal Reserve will reduce its $85 billion per month monetary easing programme.
Against Sterling the ‘Aussie’ firmed following the release of data which showed that public sector borrowing in the UK narrowed more-than-expected during September. According to the Office for National Statistics public sector borrowing posted a surplus of £9.4 billion. Economists had expected the U.K. public sector net borrowing surplus to narrow to £10.3 billion last month from a surplus of £10.8 billion in August, whose figure was revised from a £11.5 billion surplus.
Wednesday sees the release of Australia’s quarterly consumer price index.
Current Australian Dollar Exchange (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9651
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7062
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5986
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1440
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0360
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4159
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6704
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8740
Correct as of 09:50 am GMT
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