The Australian Dollar briefly halted its decline against the Pound earlier in the session but has once again resumed its downward trend and is heading back towards a three-year low.
In Asian trading the ‘Aussie’ edged higher against its peers after the deputy governor of the Reserve Bank of Australia Philip Lowe appeared to temper mounting speculation that the Central Bank is considering implementing monetary easing measures and intervening in the currency market in order to force the currency lower.
During Lowes speech he said that the Australian Dollar is likely to fall over the medium term as the US economy recovers and as a result of falling business investment in the Australian economy.
As a result of his comments the currency rose slightly from the multi-month lows it’s sunk too against the US Dollar and other peers. The currency didn’t stay firm for long however as investors chose to widely ignore Lowe’s comments and instead look to those made earlier in the week by Governor Glenn Stevens.
The RBA has made it clear that it wants the currency to fall. It has said that the ‘Aussie’ is ‘uncomfortably high’ and listed that a weaker currency will prove to be the most important factor in boosting the Australian economy in the wake of the fading mining boom.
The New Zealand Dollar meanwhile also resumed its downward movement against the Pound, Euro and US Dollar. In a day of few data releases economists are turning their attention to the release of data out of the US this afternoon and the publication of trade data for New Zealand due tonight.
Against its Australian relation the ‘Kiwi’ retained its position at a five-year high as Lowe’s comments did little to ease investor concerns that the RBA is considering using intervention in the currency markets to weaken the currency.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9161
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6759
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5658
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1139
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4795
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.7671
Current New Zealand Dollar (NZD) Exchange Rates
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8224
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6067
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5079
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8977
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2159
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9685
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6481
Correct as of 10:30am GMT
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