Both Australian and New Zealand currencies continued to fall against the U.S. dollar today as the traders’ confidence that the central banks of those countries will cut interest rates soon rose and the dollar continued its growth against euro, pound and yen.
The Australian dollar fell today to the the one-month lowest level against the U.S. dollar after the report of unexpected drop in housing approvals in June.
The New Zealand dollar fell significantly against the other currencies today after the release of the report that showed that the home-building approvals in the country declined to the lowest level in almost 22 years in June.
The New Zealand dollar fell to its 6-month low level against the U.S. dollar after the Reserve Bank of New Zealand cut the interest rate by a quarter percent point in its first rate reduction in the last five years.
The Australian currency rose its highest value in last 25 years against the U.S. dollar as the credit markets continued to lose on the mortgage lending crisis in the United States.
The Australian dollar declined today on Forex during the Asian trading session after the report on home-loans showed a massive decline in the sector and the consumer sentiment index dropped to its lowest level since 1992.
The Australian dollar reached a record high value since February 1983 against its counterpart from the United States today as the USD slumped and the commodity currencies grew on optimism.
The Australian dollar fell to its one month low against the U.S. currency as the jobs dropped in May for the first time since October 2006 and the traders became more confident that the central bank won’t be raising interest rate more.
The New Zealand dollar went for a third day of losses today on the Forex market, making this week a biggest drop since mid May, as the Reserve Bank of New Zealand Governor Alan Bollard said that he may cut interest rates this year.
The New Zealand dollar rose today against all other major currencies at a fastest pace in months as the Finance Minister Michael Cullen cut the income tax supporting the national economy.