none

AUSSIE DOLLAR CLIMBS AFTER 8 MONTH SLUMP

22-03-2016
by 
in 

The Australian dollar has gotten stronger thanks to higher oil and iron ore prices, as the unit is now trading at US76.27 cents, up from US75.77 cents yesterday.

However, according to Westpac economists the dollar is facing strong downward pressure from a firming greenback.

“This downward correction targets sub-US75.70 cents today,” they said in a note.

The country’s economy grew quicker than forecasted late last year, prompting investors to pare bets on monetary easing and making the local currency one of the chief beneficiaries of recent weakness in the greenback.

Source: The Australian

Related news & editorials

  1. 03.12.2018
    03.12.2018
    by      In
    Australian manufacturing continues to grow, according to the Ai Group’s latest Performance of Manufacturing Index, but the figures show some worrying signs. The Australian PMI for November 2018 remained in positive territory at 51.3, but at a full seven points below the previous month, this is the... Read More
  2. 20.11.2018
    20.11.2018
    by      In
    All Australian states and territories recorded an increase in gross state product in 2017-18, according to the latest figures from the Australian Bureau of Statistics. The ACT, Victoria, Queensland and Tasmania exceeded the national gross domestic product growth rate of 2.8%, while New South Wales... Read More
  3. 14.11.2018
    14.11.2018
    by      In
    Although Australia’s small and medium-sized businesses generate employment, drive innovation and boost competition, it has always been difficult for them to get credit finance from banks, especially in the past few months, due to the royal commission into financial services, stricter loan... Read More
  4. 01.11.2018
    01.11.2018
    by      In
    The growth of the manufacturing sector continued through October 2018, with the Ai Group’s Performance of Manufacturing Index holding firm at 58.3, just a tick below September’s rating of 59. The 25th consecutive month of PMI ratings above 50 (indicating growth) comes with further encouraging... Read More