Australian Dollar Under Pressure, Attempts to Fight

The Australian dollar remained under downside pressure today, falling to the lowest level since March 18 against the US dollar and to the weakest since February 5 versus the Japanese yen. Currently, the Aussie fights the pressure, managing to trim its losses.

With the US dollar gaining strength, other currencies found themselves in a difficult situation. Additionally, the rally of the greenback had an adverse effect on commodities, and the Aussie’s performance is linked to that of raw materials. All these reasons led to speculations that the Reserve Bank of Australia will cut interest rates during the next week’s policy meeting — yet another negative factor for the Australian currency.

AUD/USD was down from 0.7653 to 0.7628 as of 15:38 GMT today after falling to the low of 0.7590. AUD/JPY declined from 91.91 to 91.54 while its daily minimum was at 91.10.

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