The Aussie dollar lost ground again Friday extending losses against the Greenback to about two percent since reaching highs above 0.7750 on the 10th of July. The falls coincide with falls across European and U.S equities along with commodities which have been coming off the boil the last few sessions. Iron ore however continues to buck the trend rallying back above US$61 a tonne and defying all dire estimates for the local super commodity.
With very little local and international economic data out today or this week the Aussie will likely tread water within a range of 0.7600-0.7700 barring any dramatic news or unforeseen economic event. As importers I’d suggest keeping an eye out for buying opportunities if the AUD/USD tracks back towards 0.7750.
DATA RELEASES TODAY:
No news or data
AUD EXCHANGE RATES:
AUD/USD – 0.7622
AUD/GBP – 0.5832
AUD/EUR – 0.6735
AUD/NZD – 1.0496
AUD/JPY – 76.539
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
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