The Australian dollar gained today against the other currencies on the Forex market after the country’s central bank cut the interest rate to the lowest level in decades and the government announced a stimulus package for the economy.
The New Zealand currency declined against the U.S. dollar, the yen and its Australian counterpart today after the country’s central bank decided to cut the interest rate to a record low amidst the raging recession.
The New Zealand dollar declined against the U.S. and Australian currencies today as the country’s services industry continued to decline for a ninth month in a row last December, according the Performance of Services Index that was released yesterday.
The New Zealand dollar dropped to the monthly low against the U.S. dollar today as the S&P rating agency revised the country’s foreign currency credit rating outlook from stable to negative.
The Australian dollar declined today against the U.S. dollar and the Japanese yen as the country’s stock markets fell after the report on the November business confidence came out showing the record low reading for the index.
The Australian and New Zealand dollars rose against the U.S. dollar and the Japanese Yen compared to the last Friday’s close levels as the China said that the government will provide $586 billion of liquidity help to the national economy.
The Australian dollar reversed its yesterday gains versus the U.S. dollar and the yen after the Reserve Bank of Australia announced its decision to reduce the target cash rate today.
The Australian currency may experience considerable gains against the New Zealand dollar soon as the New Zealand’s central bank showed commitment to the extreme rate cutting in the fear of recession, while Australian central bank may refrain from changing the rate for now.
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.
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