Australian Dollar Attempts Stop Decline, Fails
The Australian dollar attempted to pare its losses today after Asian stocks rebounded, but this attempt wasn’t successful, meaning that the currency heads for a ninth straight session of losses.
The MSCI Asia Pacific Index posted a decline of 1.7 percent, rebounding from the drop by 5.5 percent. The Australian currency also rebounded from its intraday decline by 2.5 percent against the US dollar, but currently resumed movement to the downside. The present economic conditions simply aren’t good for the currencies that are related to growth and commodities.
AUD/USD traded at 1.0160 today as of 9:38 GMT after falling earlier from 1.0186 to 0.9926.
If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.
Tags
CategoriesEarlier News About the Australian Dollar:
- Eighth Session of Suffering for Aussie (2011-08-08)
- AUD Down on Economic Outlook Revision (2011-08-05)
- Australian Dollar Continues Its Correction on Weak Retail Sales (2011-08-03)
- AUD Surges Against Everything on Higher Inflation Numbers (2011-07-27)
- Aussie Rises on Rate Expectations, US Problems (2011-07-25)
4 Comments
I’m currently working in Brunei and about to exchange BND or SGD to AUD. Should I change now or should I wait? Is it likely that the AUD is going to drop further in the coming months.
It is likely that the AUD is going to be declining, but it’s hard to say for how long this will continue. Probably, more than 2 months is a term too long. But I’d probably wait for one or two months if I had to exchange SGD to AUD.
Going over to Sydney on the 18th September 2011, so would it be wise to wait a couple of weeks before exchanging GBP to AUD?
I’d wait, but if you can’t afford a lower rate, then it’s probably too risky.