The Sterling jumped to a session high against several of its peers after data released by the UK’s Office for National Statistics showed that the number of people claiming unemployment benefits in the UK fell to its lowest level in 16 years and the number of people in work hit an all time high.
Against the US Dollar the Australian Dollar is little changed, hovering close to a four-month high as investors remain cautious due to the ongoing saga in the US over raising the nation’s debt ceiling and making a deal regarding its budget.
Uncertainty was the name of the game on Wednesday after negotiations broke down between House Republicans and Democrats. Investors are taking a wait and see approach to trading as they await some sign that a deal could be reached to stave off the world’s largest economy defaulting on its debts.
“All currencies have been choppy without much direction. The longer the impasse drags on the greater the risk the US Dollar will weaken giving all other currencies, including the Australian Dollar, a lift. I’m running with the thesis that they are going to roll this forward to early next year. When they do that it will be bearish for the US Dollar and more supportive of other currencies. So the ‘Aussie’ is grinding its way up,” said Gregg Gibbs, currency strategist at Royal Bank of Scotland.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9537
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7044
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5945
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1323
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4195
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6820
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8831
Correct as of 11:20 am GMT
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