The Australian and New Zealand Dollars have rebounded against the Pound, US Dollar and Euro after speculation increased that the ‘Aussie’s’ big declines have been excessive, the ‘Kiwi’ rebounded from last week’s lows.
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6024
The Australian Dollar rose from its lowest-level since September 2010
The Australian currency rose from its lowest-level since September 2010, a 34-month low, to rally strongly ahead of Tuesday’s Reserve Bank of Australia policy meeting. Economists are expecting the Central Bank to maintain interest rates. Disappointing manufacturing data out of China, Australia’s biggest trading partner was shrugged off after the currency recovered.
IG market analyst Stan Shamu said the local unit’s recovery suggested “shorters may be getting nervous about the rapid devaluing of the AUD over the last seven-weeks and are concerned the current levels have major support”.
Andrew Salter, currency strategist at ANZ said the bounce in the Australian Dollar also reflected the fact that selling of the currency has been consistent over a long period. The new lows present tempting levels for profit-taking.
The New Zealand Dollar meanwhile pared its losses as investors prepared for a new financial quarter and a busy week in terms of economic data releases. Central Bank meetings in Europe and Australia are expected to introduce some volatility into the markets.
The July 4th Independence Day holiday in the USA is expected to see trading desks in the US understaffed as traders opt to take a long weekend break which could lead to higher volatility than usual going into the end of the week.
Economists are expecting the ‘Kiwi’ to end the week above 78.50 US cents with the possibility of pushing higher.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9169
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7030
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6024
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1823
Current New Zealand Dollar (NZD) Exchange Rates
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.7755
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.5946
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5095
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8458
(Correct as of 10:00 am GMT)
Comments are closed.