mercredi 1 avril 2015
AUD falls to nudge six year lows
Posted on 23:06 by nice news
The Aussie dollar has hit its lowest level in three weeks as a weaker trade balance adds to the impact of falling iron ore prices and expectations of a rate cut.
At 1200 AEDT on Thursday, the local currency was trading at 75.84 US cents, down from 76.28 cents on Wednesday.
It earlier hit a low of 75.75 US cents, its lowest level since March 12, and not far from a six year low.
Australia's trade balance remained in the red with a deficit of $1.26 billion in February, compared to a deficit in January of $1.0 billion.
The data was broadly in line with expectations, but was worse than previous months, causing downward momentum for the local currency, Western Union Business Solutions currency strategist Steven Dooley said.
"It's trading very close to these May 2009 lows," he said.
"Depending on what kind of data we get out of the US non-farm payrolls on Friday night, it's very conceivable that we could be trading in the 74s by the end of the easter break."
Growing expectations of a Reserve Bank rate cut next Tuesday, and iron ore prices dropping to fresh record lows overnight, are also weighing on the Australian dollar, Mr Dooley said.
- See more at: http://ift.tt/19J6kVy
At 1200 AEDT on Thursday, the local currency was trading at 75.84 US cents, down from 76.28 cents on Wednesday.
It earlier hit a low of 75.75 US cents, its lowest level since March 12, and not far from a six year low.
Australia's trade balance remained in the red with a deficit of $1.26 billion in February, compared to a deficit in January of $1.0 billion.
The data was broadly in line with expectations, but was worse than previous months, causing downward momentum for the local currency, Western Union Business Solutions currency strategist Steven Dooley said.
"It's trading very close to these May 2009 lows," he said.
"Depending on what kind of data we get out of the US non-farm payrolls on Friday night, it's very conceivable that we could be trading in the 74s by the end of the easter break."
Growing expectations of a Reserve Bank rate cut next Tuesday, and iron ore prices dropping to fresh record lows overnight, are also weighing on the Australian dollar, Mr Dooley said.
- See more at: http://ift.tt/19J6kVy
AUD falls to nudge six year lows
Categories: AUD falls to nudge six year lows
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