Losses of Aussie Ahead of Weekend
The Australian dollar ended Friday with losses as US economic growth disappointed Forex market participants, spoiling their mood and reducing their willingness to buy higher-yielding currencies.
The US economy grew slower that was expected by analysts. The growth was by no mean bad, especially compared to that of most developed nations, but it was still disappointing to traders. The Aussie lost even to the US dollar, which itself was weakened by the report.
The Australian currency was initially supported by hopes for monetary stimulus from central bank of major economies. The Bank of Japan proved such expectations wrong, but the vast majority of central banks will announce their decisions next week.
AUD/USD fell from 1.0290 to close at 1.0280 after rallying to 1.0335. EUR/AUD went up from 1.2639 to 1.2675. AUD/JPY declined from 102.11 to 100.82.
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Earlier News About the Australian Dollar:
- Aussie Attempts to Hold Ground amid Negative Fundamentals (2013-04-24)
- Aussie Drops against Greenback, Gains vs. European Currencies (2013-04-23)
- Aussie Recovers After Big Drop (2013-04-18)
- AUD/JPY Extends Gains, AUD/USD Drops (2013-04-17)
- Australian Dollar Bounces, Further Weakness Expected (2013-04-16)