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Australian Dollar Falls on Profit-Taking

April 11, 2011 at 16:50 by Vladimir Vyun

Australian dollarThe Australian dollar fell today, after it almost reached the previous record high earlier, on the speculation that traders will sell the currency to profit from the unprecedented rally.

The strength of the Australian currency was caused by the rally of commodities. The Reuters/Jefferies CRB Index of raw materials rose 2.2 percent last week, posting the third straight weekly gain. It’ll be interesting to see will the rally continue this week or investors will be more cautious and stick to safer assets.

AUD/USD fell today from 1.0564 to 1.0518 as of 16:49 GMT after it reached the intraday high of 1.0580, near the all-time record of 1.0582 posted of Friday.

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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