Speculation of a slowing global economy may slow the Australian Dollar for its third consecutive day and may also decrease the demand for Australian commodity exports such as coal.
China which is Australia's second biggest market for exports, increased their interest rates on August 18 to 6.12 percent which may then decrease exports to the nation with the largest population in the world. Australian exports are worth 20 percent of the Australian economy.
In the foreign exchange the Australian Dollar bought 75.93 U.S cents at 8:19am in Sydney in comparison to August 18's 75.94 U.S cents.
Tony Morris, an ANZ senior currency strategist has said that, "If China moves to slow growth it will mean they will put growth on more sustainable footing which is still good for Australia in the long run."
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