Australian dollar is modifying its trajectory right now, pulling back a little bit after a spike earlier today. Aussie is still mostly higher against its major counterparts, but the gains are a little more subdued.
Aussie saw a spike earlier today, gaining ground as the US dollar plummeted against the yen on news that Japanese stimulus might not be as large as originally expected, and that gave the Aussie some help.
Right now, though, the Australian dollar’s performance is moderating. While still higher against major currencies, the Aussie has lost some of its earlier gains. With commodities lower today, and risk appetite fading as US stock futures struggle, it’s little surprise that high beta currencies like the Australian dollar are pulling back a little bit. Although gold is starting to move a little higher, and that could help the Aussie.
Recent improvements to Chinese data also appear to be helping the Australian dollar a little bit. As one of Australia’s major trading partners, better Chinese data bodes well for the Australian economy, and for the Aussie.
At 13:02 GMT AUD/USD is up to 0.7531 from the open at 0.7469. EUR/AUD is down to 1.4596 from the open at 1.4720. GBP/AUD is down to 1.7429 from the open at 1.7590.
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