🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Forex- Aussie dollar cruising towards a loss against greenback

Published 12/20/2012, 11:08 PM
Updated 12/20/2012, 11:09 PM
AUD/USD
-
EUR/AUD
-
AUD/CHF
-
AUD/JPY
-
AUD/NZD
-
GBP/AUD
-
Investing.com- The Australian dollar traded lower against its U.S. rival in Friday’s Asian, putting the Aussie dollar in position to notch its first weekly loss against the greenback in a month.

In Asian trading Friday, AUD/USD fell 0.32% to 1.0449. The pair was likely to find support at 1.0438, today’s low, and resistance at 1.0557, Tuesday’s high.

The Aussie dollar traded lower against the greenback and the other major currencies even after National Australia Bank said the fact that the government there may miss its goal of a budget surplus in the fiscal year ending June 30, 2013 may prove to be a good thing for the dollar. In Asian trading Thursday, the Aussie dollar fell after Treasurer Swan said the budget surplus was unlikely due to falling commodities prices and the stronger dollar.

Elsewhere, AUD/JPY plunged 0.83% to 87.71. The yen, which appears destined to be the worst performer of the world’s developed market currencies this year, has been particularly weak against the Australian dollar as of late. However, the yen was seen gaining ground against nearly all of its major rivals in Friday’s Asian session.

GBP/AUD added 0.15% to 1.557 while EUR/AUD fell 0.04% to 1.2631.

Adding to the Aussie dollar’s woes Friday were comments made by ANZ chairman John Morschel on Thursday that other sectors of the Australian economy, such as housing and retail, are not recovering quickly enough to make up for the rapidly declining mining sector.

Morschel forecast Australian GDP growth of 2.5% to 3%. That compares with the government’s own forecast of 3% for this year and 2013.

Looking at the Aussie dollar against some of the other majors, AUD/NZD was higher by 0.11% at 1.2585 while AUD/CHF was off 0.01% to 0.9556.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.