Currency Note Worldwide

Southern hemisphere commodity backed currencies under pressure

By Ricky Bean September 18th, 2014

  • Wednesday saw the Australian dollar drop off against a number of major currencies. This was following a disappointing report on growth prospects and building up to the release of key Federal Reserve monetary policy data. The official figures of Australia’s August Westpac-MI index stated that the leading index fell by 0.09 to 98.05. This continued a trend that we have seen since February. Westpac’s chief economist Bill Evans put this down to commodity prices intensifying their drag on the growth rate. 
  • Disappointing New Zealand current account data showed that the deficit narrowed to NZ$1.06 billion in the second quarter. This came out higher than experts had initially anticipated, with the expected figure being NZ$0.95 billion. However, this had little affect on the New Zealand dollar, which held firm against its U.S counterpart on Wednesday.

Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.