The Australian Dollar started the week trading at 1, 6445 to the British Pound and ended last week at 1, 672. The Australian Dollar traded between 1, 074 and 1, 122 to the US Dollar in the week of 3rd May to the 7th May 2010.
The Australian Dollar plunged to new lows by the end of the week once again due to fears from the Greece debt crisis and falling stock markets.
The Australian dollar fell to its lowest level in two months against the U.S. dollar on Thursday as risk aversion hit higher-yielding currencies.
The Reserve Bank of Australia hiked interest rates by 0.25% to 4.5% and stated that inflation will move into its target range of 2% to 3% in the coming months.
The increase was anticipated by some economists. The Australian Dollar weakened after the Reserve Bank Governor said that the rates are around average levels, this indicates that there will be less of a need to increase interest rates in the coming months.
This increase caused the gap between the Australian and the New Zealand rate to widen by 2%, the New Zealand Reserve Bank Governor said that he is likely to increase rates.
The Australian Dollar sunk to a 4 month low against the New Zealand Dollar, extending earlier weakness following strong job data and the New Zealand Reserve Bank comments hinting at a possible rate hike in June.
AUD/ GBP: 0.5980
AUD/ EUR: 0.7022
AUD/ USD: 0.8910
AUD/ JPY: 81.733
Exchange rates as of 13:08, 7 May 2010
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