The Australian dollar dropped from its 11-week high on Wednesday, as investors saw profits after the aussie peaked at $0.9319, its strong...
The Australian dollar dropped from its 11-week high on Wednesday, as investors saw profits after the aussie peaked at $0.9319, its strongest value since June 27 as the tensions in Syria eased.
The Aussie dollar was bought 0.27% lower at $0.9278 as of 6:39am GMT, at the same time it eased at 0.10% to $1.4270 against the euro.
Wespac Melbourne Institute carried out a survey on Wednesday, which showed that Consumer sentiment index advanced to its highest level since December 2012, gaining 4.7% in September to an index reading of 110.6 higher in August.
The Reserve Bank of Australia (RBA) kept its benchmark cash rate unchanged at its all-time low of 2.50% and did not indicate whether is it likely to lower or raise the interest rate further.
Tony Abbott won the Australian general elections as the next Australian prime minister on September 7, ending the six year rule by the Labour Party and winning 88 seats out of 150.
Abbott will face the continuous rise and fall of the overvalued country’s currency, as the Reserve Bank of Australia said it would possibly lower levels, with predictions of $0.88 on a yearly basis.
COMMENTS