The Australian Dollar has made a sharp rebound against the US Dollar after upbeat consumer sentiment data caused investors to go back to the Oceanic currency.
The ‘Aussie’ made its big turnaround at the close of the Asian trading session recovering to hit 95 US cents for the first time in five days and big jump from yesterday’s 33-month slump of 93.26. The rebound came after the Westpac/Melbourne Institute consumer sentiment reading for June rose by 4.7%, rising to 102.2 points, a figure above the key 100 level that signifies optimism.
Australian Dollar to US Dollar (AUD/USD) exchange rate currently in the region of 0.9515
Also boosting the Australian Dollar’s recovery was the renewed pressure being piled onto the now weaker US Dollar. Speculation and uncertainty over whether the Federal Reserve will choose to cut back on its quantitative easing programme has weighed upon the currency.
“I’m sure that the better consumer sentiment has helped, and certainly during our morning the Aussie did do better, The market seemed to make the assumption that next week we won’t get any formal plans therefore US dollar was sold in the afternoon session,” Westpac chief currency strategist Robert Rennie said.
The Australian Dollar is expected to come under renewed pressure on Thursday when the latest unemployment data for the country is released. Economists are forecasting that the nation’s unemployment rate will rise to 5.6% as worries continue to mount that the Australian economy is slowing down. The currency is also likely to be affected by the New Zealand Reserve Bank’s interest rate decision. Economists are forecasting that the Central Bank will maintain rates at 2.50%.
Current Australian Dollar (AUD) Exchange Rates
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The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9515 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7152 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6074 –
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4192 <
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6461<
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8350 <
(Correct as of 09:45am GMT)
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