Australian dollar is mostly lower today, falling against its major counterparts, as risk appetite flees and gold prices drop. Aussie isn’t expected to improve much in the coming weeks, either. There is a lot weighing on the Aussie right now.
Aussie is losing ground fast today and is lower against most of its counterparts. One of the few currencies that is losing ground to the Aussie is the euro, which is giving up its gains on the week.
Some of the factors weighing on the Australian dollar include lower commodity prices and concerns about slowing growth in China. Right now, gold prices are falling back again, and oil is lower is well. Aussie relies heavily and gold for some of its support. On top of that, there are concerns about China. China is one of Australia’s biggest trading partners, and slowing growth in China means that there might not be much support for the Australian economy.
With these concerns weighing on the Aussie economy, there are concerns that the Reserve Bank of Australia will have to cut interest rates in the hopes of economic stimulation.
At 11:24 GMT AUD/USD is down to 0.7802 from the open at 0.7828. EUR/AUD is down to 1.3898 from the open at 1.3904. AUD/NZD is down to 1.0296 from the open at 1.0301.
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