By Damian Sutherland
ON Thursday the Australian Dollar hit a one-week high following expectations China’s economic reform plans would help Australia’s number one trading partner drive up their own long-term prosperity.
After weaker American manufacturing data was released, the AUD made further headway before the week came to a close. This was due to the information boosting the case for delaying the wind-back of stimulus in the US.
The AUD also managed to gain on the British Pound as poor UK retail sales data was released, even though the Sterling managed to recover much of its loss on speculation that the Bank of England would increase interest rates earlier than expected.
The Australian dollar faces some hurdles this week, with the Reserve Bank of Australia due to release the highlights of its 5th November board meeting on Tuesday, and Reserve Bank governor Glenn Stevens speaking Thursday on the topic of “The Australian Dollar: 30 years of Floating”. Some are saying there is a good chance the minutes from the meeting will show the possibility of rate cuts again.
Exchange rates as of 08:47 (GMT), 18 November 2013
GBP / AUD: 1.71641
EUR / AUD: 1.43588
USD / AUD: 1.06350
NZD / AUD: 0.88946
:: Note: The above exchange rates are based on “interbank” rates.
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