The Australian dollar attempted to rally today on positive macroeconomic reports, but failed because of comments of central bank’s leader, who said that the currency may depreciate.
The Australian trade balance surplus widened from A$0.17 billion in April to A$0.67 billion in May on a seasonally adjusted basis, beating the forecast $0.05 billion. Retail sales rose 0.1 percent in May following the drop by the same rate in April. Yet the data did not help the currency after Reserve Bank of Australia Governor Glenn Stevens said:
If the economy âneedsâ a lower exchange rate, it will probably get it.
AUD/USD slid from 0.9143 to 0.9067 as of 13:46 GMT today, trading near the lowest level since September 2010, after rallying to 0.9188. AUD/JPY declined from 92.01 to 90.41.
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