Before the close of local trade the Australian Dollar was able to strengthen to 1.0324 against its US counterpart.
Although the commodity-driven currency initially dipped following the publication of weaker-than-anticipated US GDP figures on Friday, a rebound in gold prices boosted the ‘Aussie’.
The Australian Dollar exchange rate was trading in the region of 1.0332 against the US Dollar as of 10:25 am GMT
As senior trader Tim Waterer observed: ‘The Australian Dollar made a push higher today to again break through the 103 US cent level in a move that mirrored the price rise in gold. Thin market conditions may have contributed to the moves higher by gold and the Australian Dollar, with the market deprived of liquidity due to bank holidays in both China and Japan. The move higher in the gold price today could be seen as something of a natural bounce after the fall on Friday following the US GDP result.’
Meanwhile, the Australian Dollar dipped against the Japanese Yen after a report from China showed that profit growth in industrial companies based in the world’s second largest economy slowed last month.
As industry expert Jesper Bargmann observed: ‘If we have continuous issues with growth in China, then at some stage I would expect the range of the Australian Dollar to move lower.’ Bargmann added that the ‘Aussie’ could fall to 93 US cents as 2013 progresses.
However, the ‘Aussie’ retained recent declines against the ‘Kiwi’ as investors predict that New Zealand’s building permit figures, due for release at 23:45, will show a 2 per cent annual increase in March – taking building permits to their highest level for five years.
Current Australian Dollar (AUD) Exchange Rates
< Lower > Higher
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 1.0332 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7892 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6656 >
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2112 <
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9674 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.2667 <
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.5031 <
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8254 <
(Correct as if 10:25 am GMT)
Comments are closed.