The Australian Dollar fell as it was being sold this afternoon amidst worry of declining carry trades. The Aussie Dollar started its decline last week, as China released news of reforming their banking sector, fiscal policy, monetary policy and futures markets. This has also caused sharp declines in the global world markets and has led to a decline in carry trades. ''The Aussie's on a lot of downward pressure at the moment on the back of the perception that the yen carry trades will start to unwind shortly,'' said TD Securities chief economist and strategist Stephen Koukoulas.
In the foreign-exchange against the U.S. Dollar, the Australian Dollar was worth 77.81 U.S. cents in comparison to last friday's close of 78.50 U.S. cents. Against the Japanese Yen, it traded at 90.08 Yen, lower than last friday's closing trade of 92.33 Yen.
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