The Australian Dollar is trading close to its lowest level since 2011 as economists forecast that data due out of the United States is expected to show improvements in consumer confidence and manufacturing and as the ‘Aussie’ remains under pressure from slowing Chinese productivity.
The Australian currencies one-month volatility is close to its highest level since June 2012 and has seen the currency decline to as low as 95 US cents. The fall is only the second time the currency has passed 96 cents in the past year.
Last weeks comments by US Federal Reserve Chairman Ben Bernanke about the likelihood of a slowdown to the Feds quantitative easing programme continues to affect the markets. A combination of weak commodity prices and the release of weaker-than-expected Chinese manufacturing figures has also contributed to the ‘Aussie’s’ decline.
The currencies next major movement is likely to come on Thursday with the release of the official Australian business investment figures for the first quarter of 2013.
ForexCT head of research Steven Dooley said “We had a really disappointing figure in the previous quarter, Economists are looking for a bounce and if we don’t get that bounce, it’s all over red rover for the Aussie Dollar. It will go down below 95.8 US cents and back towards 94 cents.”
Against the Japanese Yen the ‘Aussie’ snapped a four-day decline as technical indicators signalled that recent losses were excessive. Against the Euro the currency strengthened due to investors seeking safer options from the Euro crisis hit Eurozone and against the New Zealand Dollar the Australian currency declined to a four-year low.
Current Australian Dollar (AUD) Exchange Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9669
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7489
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6406
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.191
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0342
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3352
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.5610
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8390
(Correct as of 09:50 am GMT)
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