Currency Note Worldwide

Southern hemisphere commodity backed currencies under pressure

By Callum Holmes 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.

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