Yesterday the Australians shared the Brits’ pain as their dollar was one of the only currencies to perform worse than sterling. The day began torridly as their release of their building approval data arrived at a whopping 10% short of expectation! The trade balance was slightly better than expected, but this was unfortunately not enough to make any real difference.
However, it is the continuing slump in commodities and their strong trade relationship with China that caused most of the damage. Trading in China collapsed after only 29 minutes, as it plunged more than 7% plus the oil price dropped to $32 a barrel.
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