The Aussie currency exchange rate against the US dollar surged back to 0.77 in the last couple of weeks following strong growth in the commodity prices.
Australia is the world biggest exporter of products to the Asian markets, including iron metal, copper, and silver. Since the start of this year, AUD to USD exchange rate gained a lot of strength due to the stabilization of commodity prices from historic low levels.
At the end of latest trading session, AUD/USD currency exchange rate was standing just below 0.75. AUD to USD pair exchange rate was silent over the week.
Australian major indicators dissatisfied, as Retail Sales and Private Capital Expenditures both missed analyst’s expectations. AUD/USD generated some gains late in the last week, amid dismal US nonfarm payrolls data, as this indicator declined to 151 thousand, compared to the analyst forecast of 180 thousand.
AUD/USD pair currency conversion rate started the week around 0.7540. The exchange rate declined to a low of 0.7490. AUD to USD then upturned and posted strong gains, surging to 0.7616, testing resistance at 0.7597.
The AUD/USD pair currency conversion rate hit the lowest level of 0.72 in the mid of this year. AUD to USD exchange rate is trading well underneath potential short term resistance level at 0.7575, with GSI calculating superior percentages of recent movement to the strong upside in the near term.
The Australian currency conversion rate has been ceaselessly ascending against the US dollar exchange rate in the course of the last couple of months, in the midst of Australian government stimulus initiative and the change in its interest rates fees.
In spite of the fact that Asian economies are somewhat falling in the course of the last couple of quarters, solid commodity demand from China has been giving a sound backing to Aussie exchange rate against the U.S. dollar currency rate.