Aussie Drops on Prospects U.S.’s Interest Rates Will Rise Amid the latest prospects that next year’s interest rates rise in the U.S. boosted dollar’s demand, the Australian dollar dropped for the first time since March lower than 90 U.S. cents, whilst the Swedish krona declined after elections. The Dollar Spot Index climbed toward a 14 month high, whilst the Australian dollar today was the worst performing currency among the 16 main currencies. With the latest data showing that China’s industrial production had its weakest growth since the global financial crisis, the Australian currency extended this month’s depreciation to 3.5 percent. According to the head of European foreign exchange strategy at Morgan Stanley based in London, Ian Stannard, the Chinese angle as well as U.S.’s higher yields exert greater risk on the Australian currency. At 10:16 a.m. London time, the Aussie reached 90.09 U.S. cents, thus having dropped 0.3 percent, earlier having touched its weakest level since March 12 to 89.84 cents. The greenback remained almost unchanged at 107.26 yen, whilst having climbed 0.3 percent to $1.2924 per euro. STO: TRADE WITH US!!!
Posted on: Mon, 15 Sep 2014 09:48:58 +0000
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