The Australian dollar attempted to pare its losses today after Asian stocks rebounded, but this attempt wasn’t successful, meaning that the currency heads for a ninth straight session of losses.
The MSCI Asia Pacific Index posted a decline of 1.7 percent, rebounding from the drop by 5.5 percent. The Australian currency also rebounded from its intraday decline by 2.5 percent against the US dollar, but currently resumed movement to the downside. The present economic conditions simply aren’t good for the currencies that are related to growth and commodities.
AUD/USD traded at 1.0160 today as of 9:38 GMT after falling earlier from 1.0186 to 0.9926.
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