The Australian Dollar firmed against the Pound on Friday following the release of weaker than forecast lending and mortgage approval data.
The currencies gains are likely to be short lived however as the Reserve Bank of Australia continues to talk down the value of the currency which it blames for harming the Australian tourism and manufacturing sectors.
Against the US Dollar the ‘Aussie’ is on track to make a sixth consecutive weekly decline and is at a two and a half month low.
The currency fell early in the session after Australian Treasurer Joe Hockey blocked a deal for a US based company to purchase local grain group GrainCorp Ltd. He cited the decision to block the sale on national interest grounds.
The decision immediately raised doubts about the new conservative government’s attitude to foreign investment, especially with other deals seeking approval and as Australia pursues plans to become the food bowl of Asia. The decision also added onto last week’s comments by RBA governor Glenn Stevens that the Central Bank was considering implementing monetary easing measures.
“The ADM decision added some pressure to a weakened Aussie after Stevens recently referred to intervention, it’s a concern when you consider the importance of foreign direct investment flows,” said the global head of foreign exchange and commodity strategy at Westpac Banking Corp.
Despite the concerns Friday saw the ‘Aussie’ continue to find some support from Thursdays investment data and the light trading of the US Dollar due to US markets being closed for the Thanksgiving holiday.
Current Australian Dollar Exchange (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9108
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6691
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5576
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1207
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0978
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4944
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.7931
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8922
Correct as of 10:15 am GMT
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