Australian Dollar exchange rate holds under Friday’s recovery peak of 0.7613, a third consecutive day of recovery from the recent level of 0.7488. However, the AUD to USD currency conversion rate break here and above 0.7623 is essential to prove recovery continuation towards 0.7655 and 0.7690. Corrective reduction is expected around at 0.7560.
Aussie dollar exchange rate continues to surge over the last few sessions amid over some positive economic indicators. The Australian Bureau of Statistics reported that Australia companies average profit growth of 6.9% in the second quarter, relative with analyst’s estimates for a 2.0% rise.
The second quarter growth looks very compelling, as the Aussie companies’ profits declined 4.4% in the first quarter of this year
The Australian dollar to USD moved higher following Friday the release of the US non-farm payrolls report. Due to lower than expected payrolls figure and unsatisfactory wage result, AUD to USD exchange rate touched the level of 0.7616. However, the AUD/USD exchange rate stabilizes back around 0.7575.
On Tuesday, AUD/USD rate has again posted solid gains, as Australia’s current account deficit in the second quarter lessened to AUD$15.5 billion, considerably beating the analysts forecast of AUD$20.2 billion. Consequently, the Aussie exchange rate to US dollar post moved just above 0.76.
Australian dollar vs. USD surged ever higher, as the Reserve Bank of Australia (RBA) left interest rates same at their latest monetary policy meeting, after making notable changes in both May and August this year. Traders are expecting AUD to USD conversion rate to rise further in the coming days. Market sentiment was positive towards the Aussie, as the RBA rate statement did not mention the strong climb of AUD/USD, which has climbed 5.4% since the start of 2016.