020 7898 0500Elsewhere, it has been a difficult week for the Australian dollar following comments from the Governor of the Reserve Bank of Australia which eluded towards a rate cut at the next policy-makers’ meeting. Following the comments, the Australian currency fell against all of its 16 most-traded peers, and to the weakest level in three years against is US counterpart. Tapered growth forecasts out of China combined with a general softness in the global commodities market has piled further pressure on the export-based economy. After a strong start to the week, logging substantial gains off the back of high oil prices, the Canadian dollar dropped off on Wednesday and Thursday following worse-than-forecast growth figures, and amid speculation the Federal Reserve will taper monetary stimulus. As Canada’s biggest trade partner, a tightening of monetary policy in the US would have a marked impact on the Canadian economy. On Tuesday we saw the Indian rupee lose ground against all of its 31 most-traded peers, and hit 10-year lows against sterling. The big shift was in response to the central bank keeping interest rates unchanged and saying that steps taken to tighten cash supply this month will be rolled back. Overnight we saw the release of quarterly inflation data from Australia, but little else is expected to be released today. Get in touch for the latest rates.
