Hi all – the latest Australian dollar update is below, thanks
None of the commodity-oriented currencies had a great week. Investors shied away from them because of nervousness about the China and other emerging market economic performance. The Aussie took more of a hit than the Canadian dollar but fared far better than the NZ dollar. It lost two and a half cents to the US dollar and three and a half to sterling.
It received no help whatsoever from the Australian economic data. The only figure released during the week was the Conference Board's leading indicator. It was slightly more positive, rising from 0.2% to 0.5%, but failed to impress investors.
The Reserve Bank of Australia managed to get through a complete speech without mentioning the "overvalued" Australian dollar. That might have been positive for the Aussie had it not been for New Zealand's prime minister and central banker carping about "unjustified" and "unsustainable" strength of their own currency.