The Australian dollar declined against most of its major peers on Wednesday, including its US counterpart. The Australian trade balance remained downbeat, as official data showed that the country’s trade deficit had widened to $1.91 billion in May, from $0.78 billion in April. This figure was revised down from a previously estimated deficit of A$0.12 billion. This led to the Australian dollar hitting an eight-month low against the US dollar. Overnight we saw further losses for the Australian dollar as we retails sales for May fell 0.5%.
The Indian rupee rallied more that it has in more than six weeks, based on optimism that the government will unveil measures to boost the economy in next week’s Budget. The Indian prime minister will outline his steps to try to revive economic growth, which has sunk to the low of nearly a decade. The currency advanced 0.6% against the US Dollar, its biggest gain since May 16th. Today we look forward to Canadian trade balance figures out after noon.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.