The Australian dollar (sign: $; code: AUD) is the currency of the Commonwealth of Australia, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu. Within Australia it is almost always abbreviated with the dollar sign ($); A$ or AU$ are often used informally to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents.The Australian dollar is currently the sixth-most-traded currency in the world[1] foreign exchange markets, (behind the US dollar, the euro, the yen, the pound sterling, and the swiss franc), accounting for over 6% of worldwide foreign-exchange transactions. The Australian dollar is popular with currency traders due to high interest rates in Australia, the relative freedom of the foreign exchange market from governmental intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies (especially because of its greater exposure to Asian economies and the commodities cycle).

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Tuesday, April 14, 2009

Dollar down on weaker Wall St

THE dollar has started lower today as weak economic data in the US reduced demand for assets such as equities and commodity-based currencies.
At 7am AEST, the dollar was trading at $US0.7231/36, down from yesterday's close of $US0.7244/47.
During the offshore session, the unit traded between $US0.7235 and $US0.7300.
Markets were weaker after retail sales and wholesale inflation in the US fell unexpectedly during March, and tempered thoughts of a recovery in the American economy.
The US Department of Commerce said retail sales dropped 1.1 per cent, the biggest fall in three months.
It was weaker than the market's forecast of a 0.3 per cent rise in the month.
Wholesale prices fell 1.2 per cent as the cost of fuel, other energy products and food dropped, the US Department of Labour said.
The Dow Jones Industrial Average fell 1.71 per cent, while the broad-market Standard & Poor's 500 index retreated 2.01 per cent. .news.com.au
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