In an article by AAP, the Australian dollar has remained below parity with the Greenback as healthy American retail data underpinned strength in the US currency.
At 1200 AEST Today, the Australian dollar was trading at 99.77 cents, down almost a quarter of a US cent from Monday’s close of 100 US cents.
According to the article, US Commerce Department data showed a retail sales jump of 0.1 per cent during April.
OzForex chief currency strategist Jim Vrondas said “At the moment, the market’s quite sensitive to any sort of positive US news,” “We’ve seen them get long buying US dollars.”
Mr Vrondas also suggested that the Australian dollar could briefly rise above parity with the US currency, to 101 US cents on Tuesday night, if Treasurer Wayne Swan’s sixth budget is less draconian than financial markets expect according to AAP.
On 8 May 2013 UGC noted that famed hedge fund investor Stanley Druckenmiller is very bearish on the Aussie dollar. Since then the Aussie dollar has declined by 2.5 cents versus the Greenback.
If you would like to learn how you can take advantage of the declining Australia dollar, contact UGC to speak with one of our financial strategists for a No Cost, No Obligation consultation on 03 8657 7640 or email [email protected]. We would be more than happy to review your current arrangements and give you the advice you need for a more secure financial future.
The information contained in this report is General in nature and has been prepared without taking into account your objectives, financial situation and needs.