Australian Dollar reverses week’s losses

THE Australian Dollar traded between 0.954 and 0.972 to the US Dollar between the period of the 23^rd of April to the 30^th of April 2012. It also traded between 1.552 and 1.568 to the British Pound during the same period.

At the beginning of last week the AUD fell to a 2 week low against the USD after weak inflation data was released. With this news, the Australian Reserve Bank is likely to raise the interest rate. Mr Dragicevich, currency strategist at Commonwealth Bank, says he expects more downward pressure on the Australian dollar, not just from the CPI data but from poor economic growth outlook in Europe. “In combination they should keep the Aussie on the back foot,” Mr Dragicevich said. We think if things continue as they have been in Europe, the Australian dollar could head down towards 102.00 US cents over the next couple of days.”

Towards the end of last week the AUD did strengthen against the USD on the news of stronger stocks in the American market.

Bank of New Zealand currency strategist Mike Jones said improved company earnings from the US helped market sentiment and gave risk currencies like the Australian dollar a boost. “It’s just been a general improvement in offshore risk appetite which has underpinned the Aussie dollar over the past 24 hours or so,” Mr Jones said from Wellington.
GBP / AUD: 1.553
EUR / AUD: 1.265
USD / AUD: 0.955

Correct at 08:00, 30^th of April 2012 UK time.

Composed by Matthew Cridge :: Note: The above exchange rates are based on “interbank” rates. 
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