The Australian Dollar had seemed to be recovering some lost ground against the Pound and US Dollar early in Thursday’s session but increasing fears that the situation in the Middle East is escalating weighed upon riskier currencies.
In early trading the ‘Aussie’ made gains against the US Dollar due to the release of positive data. According to the Australian Bureau of Statistics said that investment into the country increased by 4% in the second quarter. The figure beat expectations of a 1% increase. The gains were limited however as uncertainty over whether a western led military strike against Syria will occur weighed upon sentiment.
Forex.com research analyst Chris Tedder said the local currency was boosted by the data, but not as much as would usually be expected.
“We’ve been bolstered a little bit by better-than-expected capital expenditure data but overall the data while good and a fair bit better than expected – it didn’t really lift the ‘Aussie’ as much as we would usually expect to see, which highlights some underlying weakness in the ‘Aussie’,” he said.
The Syrian situation has spooked the markets once more following news that Russia is deploying two warships to the eastern Mediterranean and after British Admiral Lord West told the BBC that he thinks intervention is inevitable. The Syrians meanwhile have warned that if the West does attack then the potential for a global conflict is high. Unlike Iraq, Syria has many allies in the region.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.8949 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6749 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5771
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4815 >
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.7326 >
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8710 >
Correct as of 11:40 am GMT
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