The Australian Dollar exchange rate was trading in the region of 1.0352 against the US Dollar as of 09:50 am GMT
The Australian Dollar continued to trade higher yesterday on the back of more optimistic than expected Reserve Bank of Australia policy meeting minutes.
When markets opened, as well as advancing for a second day on the US Dollar – posting a gain of 0.5 per cent – the ‘Aussie’ climbed slightly on the Japanese Yen and New Zealand Dollar. The South-Pacific currency was also pushed higher by the expectation of a positive Australian wage report.
In the recently released RBA minutes the prices of many of Australia’s most economically significant commodities were said to have risen in response to an improved global outlook. The minutes also asserted that ‘Aussie’ strength isn’t a reflection of the notable fall in Australia’s terms of trade.
Although many industry experts expected the RBA to slash rates further when it meets again in March these latest comments have lowered the odds of that occurring.
After the minutes were published market analyst Ravi Bharadwaj was quoted as saying: ‘The Reserve Bank of Australia stated the weakened domestic outlook for the Australian economy had already been answered by 175-basis-points worth of rate cuts by the central bank to date. The minutes implied the RBA would assume a wait-and-see approach to monetary policy in the near term, disappointing investors who wished for a more aggressive, dovish message’.
The South Pacific currency was able to retain its gains after a report compiled by the Australian Bureau of Statistics showed that the Australian wage price index was up a seasonally adjusted 0.8 per cent in the fourth quarter of 2012, compared to the 0.7 per cent gain recorded in the third quarter.
This result, unlike much recent Australian data, was in line with economists’ expectations.
The next piece of Australia data to watch out for is RBA foreign exchange transaction figures, though developments in Japan and China will also be of interest.
Current AUD Exchange Rates
The Australian Dollar to Euro exchange rate is currently trading at 0.7718
The Australian Dollar to US Dollar exchange rate is currently trading at 1.0352
The Australian Dollar to Pound Sterling exchange rate is currently trading at 0.6706
The Australian Dollar to New Zealand Dollar exchange rate is currently trading at 1.2312
The Australian Dollar to Canadian Dollar exchange rate is currently trading at 1.0472
The Australian Dollar to Emirati Dirham exchange rate is currently trading at 3.7978
The Australian Dollar to Swiss Franc is currently trading at 0.9521
The Australian Dollar to Japanese Yen exchange rate is currently trading at 96.6359
These exchange rates were correct as of 09:50 am GMT
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