The Australian Dollar continued its decline against the Pound on Thursday after data showed that the unemployment rate in Australia climbed to reach its highest level since 2009.
The declines were held in check however after experts said that they don’t expect the ‘Aussie’ to lose much ground in 2014 despite the efforts of the Reserve Bank of Australia which has tried to talk down what it says is an overvalued ‘Aussie’.
Early in the session the Sydney based Statistics Bureau said that the unemployment climbed to 5.8% in November, a rise from the 5.7% measured in October. The jobs data wasn’t all bad news as employers created 21,000 jobs, a number that beat economist forecasts for an increase of 10,000.
The currency found some support after currency analysts revealed that they don’t expect the currency to decline that much in 2014. State Street Global Markets’ Dwyfor Evans predicts that the rates environment will still be “favourable” for the $A on the basis that the US Federal Reserve will make good on its promise for ultra-low interest rates long after the reduction of its fiscal stimulus program.
The ‘Aussie’ could come under pressure later in the session if today’s US jobless claims and retail sales data comes in strongly. A positive report will increase speculation that the Federal Reserve will taper its monetary easing programme at next week’s policy meeting, a move that would be detrimental to the ‘Aussie’.
The New Zealand Dollar remains at a five-year high against its Australian neighbour after the smaller Oceanic nations Central Bank chose to maintain interest rates at 2.5% but suggested that rate increases could be on the cards next year as inflation pressures build.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9049
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6572
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5516
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.0919
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5212
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.8122
Current New Zealand Dollar (NZD) Exchange Rates
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8288
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6019
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5053
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.9159
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2065
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9776
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6605
Correct as of 10:10 am GMT
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