The Australian Dollar to US Dollar (AUD/USD) exchange rate has risen considerably today, mainly due to the price of iron ore really coming through for investors in the ‘Aussie’ (AUD).
The gains recorded by the Australian Dollar (AUD) today have included 0.5% against the Canadian Dollar (AUD/CAD), 1% against the Chinese Yuan (AUD/CNY), 1.2% against the US Dollar (AUD/USD), 2% against the Euro (AUD/EUR) and a phenomenal 3% against the Pound Sterling (AUD/GBP).
The ‘Aussie’ has mainly been bolstered by a pair of developments today. The first is that the spot price of iron ore per tonne has broken through the $50 barrier, something that comes against the odds at a time when market overflow is rife among most of the world’s commodities.
The second event has been the news that while Australia’s mining industry has been flagging overall, the antipodean nation has nonetheless been expanding its other industries to act as replacements. Among these have been agricultural activities, with Australian beef sales to China showing no signs of slowdown in 2016.
The value of the US Dollar (USD) has fluctuated today, as while gains have been seen of 0.9% against the Euro (USD/EUR) and 1.9% against the Pound Sterling (USD/GBP), the ‘Buck’ has also fallen by -1% against the Australian Dollar (USD/AUD) and by -1.2% against the South African Rand (USD/ZAR).
Movement for the ‘Greenback’ has mainly been caused today by the afternoon’s domestic data; the overall effect of the rising Chicago Fed national activity index for January and the falling market manufacturing PMI for February has been neutral.
The near future will bring little in the way of impactful economic data from Australia, therefore tomorrow afternoon’s US Consumer Confidence printing for February is the next event set to shift the current position of both currencies.
At the time of writing, forecasts were for a minor decline in the score from a previous 98.1 to 97.3.
The next Australian data after this will be the early Wednesday wage cost index on the year for the fourth quarter.
The Australian Dollar to US Dollar (AUD/USD) exchange rate was trending in the region of 0.7231 and the US Dollar to Australian Dollar (USD/AUD) exchange rate was trending in the region of 1.3832 today.
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