By 30 September, the Australian dollar (AUD) had depreciated 9.3% in nominal terms over the previous month and was trading at 0.97 USD per AUD, marking the first time in the last eight months that the AUD has traded below parity against the U.S. dollar. The September depreciation followed on from the 2.5% drop observed in August and, in fact, represented the fastest monthly depreciation since May 2010. In addition, the end-of-month reading constituted the lowest level at which the AUD has traded since November 2010. As a result of the monthly drop, the AUD has now depreciated an accumulated 3.8% versus the USD this year. However, at the current level, the AUD is still trading 1.2% stronger than in the same month last year. The AUD depreciated as prices for iron ore and coal, its key commodity exports, moderated in recent months, reflecting expectations of slowing global demand and more subdued growth prospects for China, the main destination for Australia's export commodities.
Australia Exchange Rate
Australian dollar plunges in September
September 30, 2011
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Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.