Australia: Australian dollar picks up after reaching 20-month low versus USD
June 22, 2012
By 22 June, the Australian dollar traded at 1.01 USD per AUD, which was 1.3% stronger than in the same day of the previous month. The figure, however, follows on a 6.9% depreciation recorded in the month of May, when the currency traded at 0.97 USD per AUD, marking the lowest end-of-month reading since September 2010. On an annual basis, the AUD traded 9.2% weaker than in the same month last year. The Australian dollar fell sharply in May due to heightened risk aversion on the back of a further deterioration of the debt crisis in the Euro area periphery. However, the Australian dollar gained strength at the beginning of June following the positive stream of news from Greece, where the elections saw a victory of the pro-austerity parties, easing concerns over a Greek exit from the Eurozone.
Author: Armando Ciccarelli, Head of Data Solutions