Currency Note Worldwide

Australian dollar given a boost

By Smart Currency November 5th, 2013

Elsewhere yesterday, the Australian dollar logged its biggest gain in two weeks after data showed that retail sales had increased at the fastest pace in seven months. Figures show a 0.8% increase, more than double the 0.3% forecasted, which bolstered an already strong case for the central bank not to announce an interest rate cut earlier this morning. The Canadian dollar was also strong yesterday, trading at week-long highs against its US counterpart as consumer confidence rose for the first time in five weeks in response to opinions about job security and house prices improving. The Japanese yen also recovered from 2-week lows yesterday. Overnight the Reserve Bank of Australia voted to keep monetary policy on hold, however, the central bank did indicate that they felt the Australian dollar was still too high and a weaker currency would help economic growth. Early this morning inflation figures from Switzerland came out lower than anticipated depicting mild deflation of 0.1%. Late this evening we will see employment figures out of New Zealand. Get in touch with your trader for live market rates.