The Australian dollar was among the best performers on the Forex market this week despite the risk-negative sentiment. Both domestic and overseas news contributed to the currency’s strength.
Domestically, the Aussie received boost from the Australian inflation data. As for news outside of Australia, the positive manufacturing report from China, the biggest trading partner of the South Pacific nation, contributed to the strength of the Australian currency. The negative traders’ mood was still weighing on the currency, limiting gains but not stopping the rally altogether.
Among the biggest losers was the New Zealand dollar that has been weakened after the Reserve Bank of New Zealand announced a pause for the interest rate hikes cycle. The Bank of England minutes hurt the sterling, showing that the central bank is not in hurry to raise borrowing costs.
AUD/USD ended the week at 0.9395, near the opening of 0.9391, rising to 0.9470 during the week. EUR/AUD dropped from 1.4396 to 1.4294, and its weekly low of 1.4203 was the weakest rate of November 3. AUD/JPY advanced from 95.23 to 95.67. AUD/NZD surged from 1.0787 to 1.0983.
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