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Monday, August 5, 2013

Australian dollar rise to 89.21 US centsThe Australian national currency has recovered from its fall against the US dollar from 89.07 cents after the US shares recorded moderate gains on Friday.

The Australian dollar was trading at 89.21 US cents compared to 89.07 cents on Friday. The Australian market is expected to open stronger today due to gains in the currency market and stronger US stock markets. The Australian dollar recorded the gains after even after weaker-than-expected United States employment figures.

The Australian dollar was also rising against the weak New Zealand dollar, which fell significantly after it was revealed that milk products exported from the country to other countries was contaminated. The Australian dollar was trading at 115.12 New Zealand cents compared to 112.99 on Friday.

The economic outlook has remained bleak this week with lower than expected retail sales and the Reserve Bank of Australia board meeting and interest rate decision on Tuesday. The RBA is cut the cash rate by a quarter of a percentage point to 2.5 per cent.

The Australian dollar is expected to trade in range of 88.70 and 89.70 cents on Monday. On Friday, the currency had fallen to its lowest level in a period of three years providing a boost the country's manufacturers as it will make Australian exports cheaper in the global markets.


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