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Australian Dollar Falls on Stock and Oil Drop

October 15, 2008 at 10:14 by Andriy Moraru

Australian dollarThe Australian dollar fell today against the Japanese yen after the U.S. stocks failed to demonstrate Monday’s growth and the Japanese Nikkei showed poor dynamics during the earlier Asian trading session.

Despite the $3 trillion dollar liquidity injection planned by the global governments, equity and commodity markets fail to return to the stable growth. The concerns that the financial authorities are incapable of helping the world’s markets push the Australian dollar down against the less risky currencies.

After two days of growth Australian dollar corrected today, stating with a long upward spike formed during the late yesterday’s trading. The bailout optimism is over now and the currency rates will strongly depend on the financial markets’ behavior.

AUD/USD declined slightly today — from 0.7001 to 0.6977 as of 8:10 GMT. AUD/JPY rate fell from 71.48 to 70.78 after reaching a daily low at 69.63.

If you have any questions, comments, or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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