Australian Dollar | Latest Australian Dollar Exchange Rate News
Australian dollar retains solid footing on exchange rate markets, outlook for AUD remains bright
- Details
- Category: Australian Dollar
- Published on Wednesday, 08 February 2012 10:39
- Written by Will Peters
The Australian dollar maintains its strength on the exchange rate markets; the pound Australian dollar exchange rate is 0.08% lower on yesterday's close while the pound New Zealand dollar exchange rate is 0.17% lower at 1.8980.
The Australian dollar remains on a firm footing in the wake of the RBA’s ‘no interest rate cut’ decision on Monday night.
"The short-term picture for the aussie dollar remains pretty bright. Greece seems to be edging towards a second bailout, US figures are boosting confidence and risk appetite is in surprisingly good shape. Asian stocks certainly responded very positively to eurozone developments last night," says a morning exchange rate note from UK money transfer specialists Caxton Fx.
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As well as progress on the Greek issue, the Australian dollar will respond positively to a lower Chinese inflation figure tonight, which will strengthen the case for growth-boosting monetary easing from the Peoples Bank of China. For now though, this pair continues to trade at 1.47.
Meanwhile, the British pound sterling is trading in a fairly tight range near 1.90 against the New Zealand dollar.
"This evening’s session brings some important kiwi unemployment data. More people are expected to be added to the payrolls and the unemployment rate is expected to dip marginally to 6.5%. There are no real hopes for a near-term rate hike from the Reserve Bank of New Zealand, so market response shouldn’t be too intense," say Caxton Fx.
GBP/NZD is still trading at low levels below 1.90 and once again, with Greece edging towards a bailout, the path should be clear for riskier currencies in the short-term.
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