Local Data Weakens Dollar

17 January 2011 - Which Way To Pay

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Local Data Weakens Dollar


Monday saw a combination of ongoing debt concerns in Europe and a lack of local data creating an environment which weakened the Australian dollar.

At Monday’s close the local unit was trading at 98.70 US cents. From the day’s start at 0700 AEDT, the Aussie dollar traded within the regions of 98.62 US cents and 99.16 cents. This saw a decline from Friday’s close of 99.67 cents.

Senior dealer at Easy Forex, Francisco Solar commented on the depreciation being connected with debt concerns regarding Europe.

“It’s been a pretty muted response thus far,” he commented, “With not much to go on, it’s pretty much focusing on the equity performance in Asia which you could perceive as a little lacklustre.”

He went onto comment, “The floods in Victoria are creating some headwinds for the Aussie and that’s coupled  with the fact that the euro’s just pulled back.”

His comments suggest that market fears are growing because of fundamental worries over Europe’s economic health.

This is played out on the backdrop of finance ministers meeting up today to discuss whether to increase Europe’s debt rescue fund.

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