Australia: Australian dollar drops in November
December 15, 2011
By 30 November, the Australian dollar (AUD) had depreciated 4.9% in nominal terms over the previous month and was trading at parity with the U.S. dollar (USD). The November drop contrasted the 6.9% appreciation recorded in October, when the AUD traded at 1.05 USD per AUD. As a result of the November decrease, the AUD has now depreciated an accumulated 1.4% versus the USD this year, but, at its current level, the AUD is still trading 4.2% stronger than in the same month last year. Furthermore, the value of the AUD remained stable at the beginning of December, with the Australian dollar still trading at parity on 15 December. The AUD's depreciation reflects expectations of slowing global demand and more subdued growth prospects for China, the main destination for Australia's export commodities.
Author: Armando Ciccarelli, Head of Data Solutions