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Posted September 4th, 2013 by Charles Purdy

Australian Dollar buoyed following central bank statement

Elsewhere, the Australian dollar was buoyed yesterday by the Reserve Bank of Australia’s monthly statement detailing no alteration in interest rates, but importantly a change of stance on further quantitative easing. Whereas in the previous month’s meeting further easing was highlighted as a real possibility, such references were omitted in this month’s statement. This positive news caused the Australian dollar’s fortunes to change following worse than expected retail sales figures from earlier in the day. The Canadian dollar experienced significant volatility throughout the day yesterday amidst increased worries about the nation’s economic recovery and speculation that the US will begin tapering of its asset-purchase programme during the autumn. Such a tapering would lend support to the US Dollar at the expense of riskier currencies such as the Canadian dollar. Overnight we saw Australian second quarter GDP figures come out as expected showing growth of 0.6% and later on today we will have the trade balance data from Canada and the afternoon’s Bank of Canada statement are likely to be the drivers of volatility. Call your trader now for a live rate on your world currency crosses.

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