The Australian Dollar is trading close to a two-and-a-half year low against the New Zealand Dollar and is trading down against the majority of its peers as the market awaits the release of the minutes for the Reserve Bank of Australia’s February meeting.
Against the US Dollar the ‘Aussie’ slipped to a three-day low and dropped against the Euro. The falls come as investors raise their expectations that Reserve Bank Governor Glenn Stevens will cut the nations key interest rate to a record low later in the year.
Australia’s inflation outlook “would afford scope to ease policy further, should that be necessary to support demand,” Stevens said in a statement on Feb. 5 after he and his board kept the cash rate target at 3%.
Traders believe there is a 75% chance that he will reduce the rate to around 2.75% by June, which would make it the lowest interest rate in the RBA’s 53-year long history.
The Australian currency was also dampened by the slowdown in Chinese growth over the Chinese New Year holidays. Restaurant and other retail sales during the week-long Chinese New year celebrations saw their slowest rate of growth in four years, according to the Ministry of Commerce’s. China is Australia’s biggest trade partner and any slowdown in the world’s second biggest economy has a negative impact on the Australian Dollar.
Current AUD Exchange Rates
The Australian Dollar to Euro exchange rate is currently trading at 0.7697
The Australian Dollar to US Dollar exchange rate is currently trading at 1.0295
The Australian Dollar to Pound Sterling exchange rate is currently trading at 0.6651
The Australian Dollar to New Zealand Dollar exchange rate is currently trading at 1.2204
The Australian Dollar to Canadian Dollar exchange rate is currently trading at 1.0370
The Australian Dollar to Emirati Dirham exchange rate is currently trading at 3.7810
The Australian Dollar to Swiss Franc is currently trading at 0.9485
The Australian Dollar to Japanese Yen exchange rate is currently trading at 96.8569
These exchange rates were correct as of 09:55 am GMT
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