The Australian dollar attempted to rally versus its US counterpart during the Tuesday’s session but has failed and is trading below the opening level as of now. The Aussie also dropped against other most-traded currencies.
Australian Dollar AUD
Central Bank: Reserve Bank of Australia
Public Debt to GDP Ratio, 2015: 44.3%
Trade Balance, 2015: -$24 bln.
Inflation, 2015: 1.9%
Major commodity exporter
High-yielding interest rates
Factors of Weakness
Domestic housing bubble
The Australian dollar is the official currency of the Commonwealth of Australia. It is often called the Aussie by Forex traders. The currency was implemented in 1966 and allowed to freely float at 1983. Australia has an export-driven economy (the mining sector represents 19% of GDP), therefore the value of the Aussie depends on commodity prices. Australia has strong trading ties with Asia, particularly China, so economic growth in that region has a particularly strong impact on Australia’s currency. The Aussie is used in carry trade because of the relatively high interest rates in Australia.
Australian Dollar News Archive
The Australian dollar fell against its major peers today after the drop of the nation’s leading index and amid the risk-negative sentiment on the Forex market.
The Australian dollar traded higher against its most-traded rivals during the Tuesday’s session after the release of the policy meeting minutes by the Reserve Bank of Australia.
The Australian dollar declined against most of its major peers on Friday as investors weighed the effect of the higher interest rates in the United States following an update to monetary policy from the Federal Reserve on Wednesday.
The employment report released from Australia during the Asian trading session was mixed, but that did not prevent the Australian dollar from beating most of its rivals, though not the very strong US dollar.
The Australian dollar etched small gains against some of most-traded currencies after the release of macroeconomic reports from Australia as well as from China, Australia’s biggest trading partner.
The Australian dollar rallied today after diving intraday. The currency managed to stage a bounce after China’s economic data surprised economists pleasantly.
The Australian dollar fell today after economic data revealed that Australia’s economy contracted unexpectedly in the third quarter of this year.
The Australian dollar has started the decline by the end of the previous trading session and extended its drop into the current session, even though news from Australia was somewhat positive for the currency. With that said, the Aussie is trying to rebound currently and managed to erase losses against some of its rivals and trim them against others.
The Australian dollar rose against such currencies as the US dollar and the Japanese yen during Monday’s trading but fell against the very strong euro and traded flat versus the Swiss franc.