Positive signs for Australia
Business investment in the Australian economy has risen 3.3% in the second quarter, supporting the view of reserve bank governor Glenn Stevens that the Australian economy is recovering. The manufacturing sector is growing, with spending up by 4.6%, in contrast to mining, which recorded a 6% drop in investment.
The Australian dollar advanced against the US currency following the announcement, though is trading lower this morning in anticipation of US GDP figures for the second quarter. The Australian and New Zealand dollars remain subject to international risk appetite and continue to suffer a large degree of currency volatility.
Currency rates for the Australian dollar are currently at USD0.8342, GBP0.5147 and EUR0.5844.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.