The Australian dollar (sign: $; code: AUD) is the currency of the Commonwealth of Australia, including its external territories Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru, Tonga, Tuvalu, and Vanuatu. The Australian dollar was legal tender of Papua New Guinea until 1 January 1976, when the Papua New Guinean kina became the sole legal tender. Within Australia, it is almost always abbreviated with the dollar sign ($), with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. In 2016, the Australian dollar was the fifth most traded currency in the world, accounting for 6.9% of the world's daily share (down from 8.6% in 2013). It trades in the world foreign exchange markets behind the US dollar, the euro, the yen and the pound sterling. The Australian dollar is popular with currency traders, because of the comparatively high interest rates in Australia, the relative freedom of the foreign exchange market from government intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle. The currency is commonly referred to by foreign-exchange traders as the "Aussie dollar".
Dollar Set For Biggest Weekly Drop In 3 Months
#AustralianDollar, #Dollar, #EuropeanUnion, #Pound, #Yuan
The dollar slipped against its rivals on Friday and was set for its biggest weekly drop in more than three months before a U.S. central bank meeting next week where policymakers will shed more light on the outlook for interest rates.
While no change in policy rates is expected next week after the Fed paused a multi-year rate hiking cycle in January, officials might strike a more cautious view on the outlook for the global economy after a volatile week in currency markets. “We are coming to the end of a very exhausting week in currency markets with the Brexit news and investors are waiting to get more insights from the Fed,” said Esther Maria Reichelt, an FX strategist at Commerzbank.
Against its rivals, the dollar fell 0.2 percent to 96.61 in early London trading. For the week, it is set to weaken 0.7 percent, its biggest drop since early December.
Antipodean currencies led by the Australian dollar and its New Zealand counterpart were the biggest gainers against the dollar after Beijing said it can use reserve requirements and interest rates to support growth.
The outlook for both those currencies is heavily correlated with the outlook for the Chinese economy.
The yen remained firm after the Bank of Japan kept monetary policy steady but tempered its optimism that robust exports and factory output will underpin growth, giving a boost to its perceived safe-haven status.
Elsewhere, the pound paused for breath but stayed on course for its biggest weekly gain in seven weeks on growing expectations that Britain won’t crash out of the European Union without a deal on March 29.
Sterling last traded at $1.3217, below Wednesday’s nine-month high of $1.3380 but up 1.8 percent so far this week, the biggest such gain since late January after the UK parliament voted to seek a delay in Britain’s exit from the European Union, following a decision to avert a no-deal Brexit.
The Chinese currency in the offshore market also remained firm against the dollar at 6.71 yuan per dollar.
#VCI #FOREX #NEWS 🐺⠀
⚠️ The #AustralianDollar gets a lift as risk appetite improves⠀
• The Australian #dollar rose against the greenback on Monday as #investor risk appetite improved.⠀
• Ahead of another vote on UK PM’s Brexit deal later today, the #BritishPound surged.⠀
• The #economic calendar is busy in #Australia on Tuesday, headlined by the NAB’s February #business #survey and home loan lending data for January.⠀
The Australian dollar ground higher to start the week, reversing early weakness as investor risk appetite improved.⠀
Here’s the scoreboard at 8.10am in Sydney on Tuesday.⠀
AUD/ #USD 0.7068 , -0.0001 , -0.01%⠀
AUD/ #JPY 78.59 , -0.03 , -0.04%⠀
AUD/ #CNH 4.7572 , -0.002 , -0.04%⠀
AUD/ #EUR 0.6284 , 0.0001 , 0.02%⠀
AUD/ #GBP 0.5374 , -0.0001 , -0.02%⠀
AUD/ #NZD 1.0341 , -0.0006 , -0.06%⠀
AUD/ #CAD 0.9466 , -0.0002 , -0.02%⠀
After opening the session at .7045, the AUD/USD eased lower in early Asian trade, weighed down by weak Chinese inflation and #monetary growth figures for February released over the weekend.⠀
After trying not once but twice to break below .7025, the AUD/USD began to reverse course late in the Asian #session, helped by another late surge in Chinese #stocks.⠀
That positive sentiment flowed through to European and NorthAmerican #trade, seeing the AUD/USD lift to as high as .7077 before easing marginally into the close.⠀
The release of stronger-than-expected US retail #sales #data for January did little to help the greenback ’s cause, partially because of downward revisions to already weak retail spending in December.⠀
Instead, the improvement in risk appetite helped to lift other major #currencies, including the #AussieDollar.
Forex Critical: The Australian Dollar Buckles Under Economic Pressures https://drduru.com/onetwentytwo/2019/03/10/forex-critical-australian-dollar-buckles-under-economic-pressures/ #forex #australiandollar #audjpy #audusd
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Australian insurance giant IAG’s premium growth from its New Zealand operations was nearly twice as brisk as in its home market in the six months ended December, although down 42 percent from a year earlier
The Australian dollar pulled back a bit during the trading session on Monday to kick off the week, as the 0.7250 level has offered resistance yet again. This is an area that has a significant confluence of events going on.
The dollar rose against the euro on Friday, boosted by technical factors after the single currency hit key resistance levels, even as the greenback's outlook remained bleak amid cautious signals from the Federal Reserve about further rate hikes.