Australian dollar rises
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The Australian dollar has risen Thursday, buying 67.59 US cents from 67.11 US cents on Wednesday.
Yesterday, the local currency hit a 10-year low of 66.77 US cents after New Zealand’s central bank cut the country’s cash rate by a larger than expected 50 basis points.
The Aussie was trading as high as 67.83 US cents on Wednesday morning but fell more than 1.5 percent after the Reserve Bank of New Zealand cut its official cash rate to 1.0 percent in an attempt to reheat the country’s cooling economy.
The Aussie’s biggest one-day decline since April dropped it more than one cent to as low as 66.77 US cents as RBNZ governor Adrian Orr spoke to media and said further cuts were possible.
At 1335 AEST, the Australian dollar was worth 66.90 US cents, just above what had been its lowest level since March 18, 2009.
The RBNZ’s move came a day after the Reserve Bank of Australia held the local cash rate at 1.0 percent but said it was prepared to reassess after weighing the impact of 0.25 percentage point cuts in June and July.
Questions & Answers
Q.What is the Australian dollar's value against the US dollar today?
What is the Australian dollar's value against the US dollar today?
The Australian dollar is currently buying 67.59 US cents. This is a rise from its value of 67.11 US cents recorded on Wednesday, indicating an improvement in its recent performance.
Q.Why did the Australian dollar fall significantly yesterday?
Why did the Australian dollar fall significantly yesterday?
The Australian dollar fell sharply yesterday after New Zealand's central bank cut its cash rate by 50 basis points. This unexpected move led to the Aussie dropping more than 1.5 percent and hitting a 10-year low.
Q.What was the previous lowest point for the Australian dollar mentioned in the article?
What was the previous lowest point for the Australian dollar mentioned in the article?
The Australian dollar was trading just above its lowest level since March 18, 2009. At 1335 AEST yesterday, the currency was worth 66.90 US cents.
Q.What is the Reserve Bank of Australia's current stance on its cash rate?
What is the Reserve Bank of Australia's current stance on its cash rate?
The Reserve Bank of Australia has held its local cash rate at 1.0 percent. However, it stated it is prepared to reassess this rate after evaluating the impact of previous cuts in June and July.
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