Australian and New Zealand Dollar Still Falling
By SmallStocks on Oct 13, 2008 in Currency
Update: Since the market has opened the Aussie Dollar has gained slightly, but is still under the 0.70 mark. Not sure its going to push above that until the G20 leaders release a clearer decision.
The Australian Dollar (AUDUSD) and the New Zealand Dollar (NZDUSD) continue to fall on the back of lower commodity prices and a strengthening United States Dollar.
Since gold recently broke through the USD $900 (GOLD) and is now trading between $850 and $900 an ounce – this has greatly affected local currency values. The New Zealand Reverse Bank Governor suggested that interest rates will continue to fall and because of that reason, he expects the New Zealand Dollar will fall below 70 cents.
It will be interesting to see how the Currency Trades today on the back of US Markets movements on Friday and the G7 ‘non-outcome’ over the weekend.
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