The Australian Dollar has softened against the Pound but is still on course to make a weekly gain against several of its most traded peers including the US Dollar and Euro.
In Asian trading the ‘Aussie’ received support from positive data releases in Japan one of Australia’s biggest trading partners. Industrial output in the country expanded and consumer prices rose, suggesting that demand for Australian goods will continue to be supported.
The currency resumed its downward trend in the European session as investors expect the Reserve Bank of Australia to retain interest rates when it meets for its next policy meeting. Also weighing upon the currency was the announcement by the Commonwealth Bank of Australia which cut its forecast for the currency.
“We expect the AUD depreciation path to be slightly more pronounced than previously thought. It is conceivable the AUD trades sub 0.80 against the US Dollar at some point in 2014, particularly if Australia’s economic transition falters or emerging market fears escalate,” said CBA’s head of foreign-exchange and rates strategy.
The ‘Aussie’ also remains under pressure from the US Federal Reserve’s decision to continue tapering its quantitative easing programme. A move that softens commodity based currency’s such as the ‘Aussie’.
The Pound meanwhile pushed higher against most of its peers on Friday after a report showed that consumer confidence in the country climbed to its highest-level in more than six-years this month. An index of consumer confidence rose from -13 to -7, the highest level since September 2007 and was above forecasts for a figure of -12.
Current Australian Dollar Exchange (AUD) Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Australian Dollar,
,US Dollar,0.8761 ,
Australian Dollar,,British Pound,0.5323 ,
Australian Dollar,,Euro,0.6466 ,
Australian Dollar,,New Zealand Dollar,1.0748 ,
[/table]
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