The Australian Dollar exchange rate was trading in the region of 1.0324 against the US Dollar as of 10:10 am GMT
The New Zealand Dollar exchange rate was trading in the region of 1.0319 against the US Dollar as of 10:10 am GMT
Although the Australian Dollar dropped significantly after the Reserve Bank slashed its inflation and growth predictions, it was able to rebound following better-than-expected Chinese data.
The Reserve Bank of Australia has now predicted that in 2013 Australia will experience growth in the region of 2.5 per cent, 0.25 per cent lower than previously estimated and ‘below trend’ for the South Pacific nation.
The RBA’s decision to cut its economic forecasts upped the likelihood of the central bank lowering interest rates when it meets next month. This, in conjunction with declining Asian stocks, caused the ‘Aussie’ to briefly tumble to an over three-month low against the US Dollar.
As one economist stated; ‘The reduction in growth and inflation forecasts is a cause for concern. The recent weakness in the Australian Dollar in part stems from speculation of a rate cut by the RBA’.
However, this negative development was counteracted by positive news for one of Australia and New Zealand’s most important trading partners.
The latest data has shown that in January Chinese imports were 28.8 per cent higher than they were in January of 2012 – a 5.3 per cent stronger increase than economists expected.
After the news was released industry expert Thomas Harr asserted: ‘Today’s data clearly suggests that the Chinese economy is starting to do better, so that should help put a floor under the Aussie. The domestic economy is not doing that well, but clearly it is a positive that China continues to improve.’
These figures allowed the ‘Aussie’ to recoup much of its earlier losses, although it still stands to record a weekly decline of 1.1 per cent. The news also allowed the ‘Kiwi’ to advance on several if its most traded peers, recovering the ground lost by this week’s disappointing employment figures for New Zealand.
Current AUD Exchange Rates
The Australian Dollar to Euro exchange rate is currently trading at 0.7698
The Australian Dollar to US Dollar exchange rate is currently trading at 1.0324
The Australian Dollar to Pound Sterling exchange rate is currently trading at 0.6552
The Australian Dollar to New Zealand Dollar exchange rate is currently trading at 1.2316
The Australian Dollar to Canadian Dollar exchange rate is currently trading at 1.0314
The Australian Dollar to Emirati Dirham exchange rate is currently trading at 3.7927
The Australian Dollar to Swiss Franc is currently trading at 0.9467
The Australian Dollar to Japanese Yen exchange rate is currently trading at 95.5133
Current New Zealand Dollar Exchange Rates
The New Zealand Dollar to Euro exchange rate is currently trading at 0.6230
The New Zealand Dollar to Pound Sterling exchange rate is currently trading at 0.5311
The New Zealand Dollar to US Dollar exchange rate is currently trading at 0.8366
The New Zealand Dollar to Australian Dollar exchange rate is currently trading at 0.8117
The New Zealand Dollar to Canadian Dollar exchange rate is currently trading at 0.8315
The New Zealand Dollar to Emirati Dirham exchange rate is currently trading at 3.0701
The New Zealand Dollar to Swiss Franc is currently trading at 0.7685
The New Zealand Dollar to Japanese Yen exchange rate is currently trading at 77.3754
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