Australian Dollar | Latest Australian Dollar Exchange Rate News
Currency: AUD weakens and the Pound Australian dollar exchange rate makes some welcome gains
- Details
- Category: Australian Dollar
- Published on Tuesday, 21 February 2012 09:59
- Written by Will Peters
The Australian dollar (Currency:AUD) is lower across the board this morning as investors digested new concerns over Australian inflation.
As a result, Australian dollar spot rates are lower: The Pound Australian dollar exchange rate is 0.58% higher on the day at 1.4831, the euro Australian dollar exchange rate is 0.72% higher at 1.2407, the Australian dollar to US dollar exchange rate is 0.61% lower at 1.0686.
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RBA Minutes released overnight noted that rate levels were ‘appropriate’ given the current economy outlook. In addition, inflation would ‘provide scope for easing’ if demand dropped materially.
The RBA noted that Eurozone risks had diminished but remains concerned about developments in China.
"Our economists note that overall the minutes showed a somewhat ‘more conditional/less explicit easing bias’. Overall, our economists expect the RBA to hold rates, unless there’s a renewed jump in unemployment (or developments in Europe deteriorate sharply)," says an Australian dollar exchange rate comment from UBS.
UBS note that there is still a case for a further easing of policy modestly near term to offset higher bank lending rates and the tighter monetary conditions due to a higher AUD.
"But we are now less convinced the RBA agrees," say UBS.
The move lower in the Australian dollar defies broadly resilient global markets.
After marathon talks which extended well into Tuesday morning, a new bailout deal totally the full targeted EUR130bn was finalised.
Most of the deal’s components had been well flagged to the market in advance, but it was the mere fact that negotiations did not fall apart which has helped stabilise sentiment and allow the euro to maintain a steady footing above 1.32.
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