FOR the Australian dollar, Wednesday this week will provide another round of manufacturing data being released from China. Strategists say that any hint of further slowdown in Chinese economic activity could send the recently struggling Aussie on the down slope again.
The last week was better for the Australian currency. After opening at a low, following an announcement from Chinese finance minister Lou Jiwei indicating that China was unlikely to receive any further positive fiscal stimulus this year, the Aussie strengthened slightly during the week against the major currencies, helped by a 1 percent jump in precious metals. Gold reached a one-month peak and the rising prices of iron ore, Australia’s top export earner, lent further support to the currency.
While coming off its midweek highs, the Aussie sustained some of the gain into this week’s opening as the sharp bounce in gold and bank interest-rate reforms in China underpin demand.
Composed by Anton van Teylingen & Dylan Goate
Exchange rates as of 12:26 GMT, 22 July 2013
GBP / AUD: 1.6622
EUR / AUD: 1.4267
USD / AUD: 1.0836
NZD / AUD: 0.8598
Note: The above exchange rates are based on “interbank” rates. If you want to transfer money to or from Australia then please register/login on our website, www.1stcontactforex.com, or call us on 0808 141 2335 for a live dealing rate. Make use of our Rate Notifier to send you alert when the Australian Dollar exchange rate reaches levels you are looking for.