AUD trims gains
The Australian currency has snapped five consecutive days of gains, losing 0.3% against the US dollar and 0.8% against the yen, after Chinese stock markets dipped on speculation that the recovery rally has come too quickly. After reaching its highest level against the US dollar this year, and climbing to a 13-year high against the pound, the Australian dollar declined the most of 16 active currencies against the yen and US dollar.
Some economists are speculating that the AUD is pricing in too much of a recovery while prospects for growth remain uncertain. The Australian currency has gained 18% against the US dollar and 24% against the yen so far this year. The Australian economy has avoided entering recession due to its strong orientation towards commodity exports.
Currency rates for the Australian dollar are currently at USD0.8375, JPY78.85 and GBP0.5119.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.