The Australian Dollar lost some ground in the beginning of last week as a decline in Asian stocks provoked traders to close positions on riskier assets. The Australian Dollar also dropped to a two day low against the New Zealand Dollar; it depreciated by more than 0.9 percent to the New Zealand Dollar from a previous high.
The Reserve Bank of Australia has led the G-20 policymakers in increasing the benchmark cash rate six times since October on ever increasing Asian demand for commodities and a jobs boom that saw unemployment reach half of the levels seen in both the US and in Europe
In economic news, household savings improved in the June quarter, but credit cards now seem to have overtaken mortgages as the main from of debt in Australia for the first time in over four years.
Bond prices show the pace of Australia’s economic growth may help infrastructure and utility companies to refinance $13 billion of debt without top credit ratings they once bought from insurers.
By the end of the week, the Australian Dollar rose as investor’s appetite for riskier assets seem to have once again been stoked.
The Australian Dollar was bolstered by positive sentiment throughout the Asian trading session. Investors seem to now be buying into an economy that outperformed the world in the financial crisis.
AUD/ GBP: 0, 5847
AUD/ EUR: 0, 6995
AUD/ USD: 0, 8662
AUD/ JPY: 78, 7059
Exchange rates as of 15:13, 18 June 2010
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