Aussie is struggling a little bit right now, thanks in large part to the latest Chinese data. With one of Australia’s major trading partners struggling, the Down Under currency is finding it difficult to gain the upper hand against some of its counterparts.
Aussie is running into difficulties today at the beginning of a new week, month, and quarter. The latest Chinese factory activity reading, from March, found a slower rebound than expected. China is a major trading partner with Australia, and the Aussie derives a great deal of support from an expanding Chinese economy. With the latest news out of China, the Australian dollar is struggling a little bit.
There has also been an interesting development with Australia and China coming to a trade agreement to settle without the help of the US dollar. China has been expanding its bilateral trade agreements, and this is yet another example. The latest agreement makes it possible to convert the Aussie into Chinese yuan — without the intermediary step of first converting to greenbacks.
Right now, Aussie is struggling, though.
At 13:52 GMT AUD/USD is a little bit higher at 1.0413, up from the open at 1.0411. EUR/AUD is up to 1.2307 from the open at 1.2294. GBP/AUD is up to 1.6833 from the open at 1.6832.
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