The ‘Aussie’ was languishing close to a three-year low against the US Dollar during the South Pacific session as the ‘Greenback’ remained buoyed by this week’s Federal Open Market Committee decision to trim stimulus by 10 billion Dollars.
The North American currency also retained gains against the Australian Dollar ahead of the publication of a US growth report.
As it stands the ‘Aussie’ is in line to record a five-day decline of 1.2 per cent against the US Dollar over the last five days.
This will be the AUD/USD pairing’s ninth consecutive decline and is the worst run of losses for the ‘Aussie’ for over thirty years.
According to strategist Stan Shamu; ‘We’ve been hearing the central bank here talk down the ‘Aussie’ for a while. A lot of people thought they’d wait and see what happened with the US and tapering before taking action, and now it’s really looking like the ‘Aussie’ is in for a period of further weakness’.
That being said, the commodity-driven currency was able to strengthen against the Pound as the British asset softened following the release of a mixed bag of domestic data.
While UK reports showed that the nation’s economy grew by 0.8 per cent in the third quarter from the second, as expected by economists, separate figures revealed that the UK’s budget deficit widened.
A decline in a measure of UK consumer confidence also helped the Australian Dollar strengthen against Sterling.
If today’s US growth report meets or exceeds expectations the Australian Dollar’s relationship with its US peer is likely to continue.
However, with further UK news lacking and no Australian data scheduled for release next week further fluctuations in the AUD/GBP pairing may be limited.
Current Australian Dollar Exchange (AUD) Rates
< Lower > Higher
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.8865 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6497 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5431 >
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.0821 <
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.1273 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5391 <
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.8415 <
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9235 <
Correct as of 11:15 GMT
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