Australian dollar back up
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The Australian dollar rebounded overnight and is buying 67.69 US cents Wednesday, up from 67.25 US cents on Tuesday.
Yesterday, the local currency neared its decade low before rebounding. The Aussie dollar dipped to close to a recent 10-year low on weak retail sales figures.
The Aussie dollar dipped as low as 66.88 US cents after the Australian Bureau of Statistics announced that retail spending fell by an unexpected 0.1 percent in July.
But it later rebounded from that level – not far from a 10 and a half year low set of 66.77 cents set on August 7 – when the Reserve Bank of Australia announced in the afternoon that it would not to cut the cash rate for another month.
It was buying 67.24 US cents at 1700 AEST, from 67.31 US cents on Monday.
One Australian dollar buys 71.41 Japanese yen, from 71.46 yen ; 61.45 euro cents, from 61.28 cents ; 56.10 British pence, from 55.32 pence and 106.87 NZ cents, from 106.74 cents.
Questions & Answers
Q.What prompted the Australian dollar to initially fall before its recent rebound?
What prompted the Australian dollar to initially fall before its recent rebound?
The Australian dollar dipped due to weak retail sales figures. The Australian Bureau of Statistics announced that retail spending unexpectedly fell by 0.1 percent in July, pushing the currency close to a decade low.
Q.Which specific event helped the Australian dollar rebound from its low point?
Which specific event helped the Australian dollar rebound from its low point?
The Australian dollar rebounded after the Reserve Bank of Australia announced it would not cut the cash rate for another month. This announcement was made in the afternoon, following the earlier dip in the currency's value.
Q.How did the Australian dollar's value change against the British pound in the last reported period?
How did the Australian dollar's value change against the British pound in the last reported period?
One Australian dollar was buying 56.10 British pence, which was an increase from 55.32 pence. This indicates a strengthening of the Aussie dollar against the pound.
Q.What was the lowest point the Australian dollar reached in US cents before its rebound, and how close was this to a longer-term low?
What was the lowest point the Australian dollar reached in US cents before its rebound, and how close was this to a longer-term low?
The Australian dollar dipped as low as 66.88 US cents. This level was not far from a 10 and a half year low of 66.77 cents, which was set on August 7.
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