Aussie Flat vs. Greenback, Retains Losses vs. Other Rivals

The Australian dollar dipped today against its major rivals. While the currency was staying close to the opening level against the US dollar, it retained losses versus other currencies, including the euro.

Some analysts attributed the Aussie’s weakness to the strength of the US currency. But the greenback fell after unfavorable economic data from the United States, yet the Australian dollar remained soft against other currencies. The Aussie, being a commodity-related currency, may find support from prices for raw materials that rallied strongly during this week.

AUD/USD traded at about 0.7857 as of 14:48 GMT, near the opening of 0.7874. At the same time, EUR/AUD leaded from 1.3866 to 1.3942.

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