The Australian dollar bounced after reaching the lowest level since May 2009 against its US counterpart earlier today. Still, analysts think that there are plenty of reasons for the Aussie to resume its decline, and the currency indeed is dropping right now.
Today’s economic data from Australia and China was lackluster, giving the Australian currency no reason to rally. The strength of the US dollar is another detrimental factor for the Aussie. And indeed, the Australian dollar failed to maintain its rally, slipping below the opening level against the greenback.
AUD/USD went down from 0.7623 to 0.7601 as of 13:27 GMT today. AUD/JPY slipped from 92.36 to 92.23 following the earlier rally to 92.71.
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