By Ashley Smith – The Australian and New Zealand Dollars have been suffering this week along with other higher yielding currencies from the negative economic sentiment and the strong Dollar. Continued concerns over the Greek debt crisis, as well as today’s downgrade of Portugal, dampened demand for riskier currencies and pushed investors to the USD as a refuge.
The decline in Gold and Oil prices throughout the week also contributed to the decline as these are Australia’s 3rd and 4th most valuable commodity exports. With no major news events from the region this week, the South Pacific currency continues to follow the trend of other growth linked currencies and decline versus the Dollar. The AUD is currently trading at 91.16 U.S cents after briefly dropping to below 90.00 cents.
Forex Market Analysis provided by Forex Yard.
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