Forex: AUD/USD – Around three-year lows

on Jun 20, 2013

In trading so far today, the Australian dollar has left its previous daily highs and fallen to a three-year low, currently at 0.9163.

This sharp fall started yesterday, when traders flocked to the USD following the latest US Federal Reserve statement on monetary policy and economic projections.
Fed Chairman Ben Bernanke told a press conference following release of the statement that QE tapering could begin by the end of this year, with complete cessation by the middle of 2014 if the US economy continues to pick up in line with the Fed’s expectations.

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The quantitative easing programme went into extension mode last December, to continue until the unemployment rate fell below 6.5 percent and inflation projections remained no more than half a percentage point above two percent two years out.

The Australian dollar took a further hit in today’s Asian session from new weak data out of China, Australia’s largest export market. The HSBC preliminary Manufacturing Purchasing Managers’ Index fell to a nine month low of 48.3 in June from 49.2 in May. The fall in new orders is an indication that the slowdown in manufacturing is worsening.
Earlier today, the Reserve Bank of Australia published its latest foreign exchange transactions reading, showing an increase to A$490 million in May from A$382 million in April.
Due out later in the US are the weekly initial jobless claims numbers, existing home sales data and the Philadelphia Fed’s manufacturing index.


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