Forex Trading

Australian Dollar at 2 month low on slower global growth

Australian Dollar falls to a 2-month low on slower global growth

The Australian Dollar fell to a two month low against the U.S. Dollar and the Japanese Yen in forex trading on concerns that global growth is slowing down, which may impact on the demand of Australia's commodity trade. The Australian Dollar was the worst performer this month out of the 17 most traded currencies in the forex market amidst falling global stock markets. ''This shows how vulnerable the Australian dollar is to any challenge to the outlook for global growth,'' said Tony Morriss, a currency strategist at Australia & New Zealand Banking Group Ltd. in Sydney. ''The currency is decoupling from its moves with the euro.'' The London Metal Exchange Index declined 3.2 percent yesterday which is its lowest level since February. Exports of commodities add about 17 percent to Australia's economy.

In forex trading, the Australian Dollar fell to 87.08 U.S. cents this morning in Sydney compared to 87.23 U.S. cents yesterday. It traded at 94.43 Japanese Yen after dropping to 93.72 Yen yesterday. Against the Euro it fell to a low of 0.5840 before trading at 0.5860.

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