JPY Daily News

Aussie Trading Lower as Traders Flee Risk

The Australian dollar (AUD) was seen taking a hit versus the US dollar (USD) yesterday after news began to shift many traders away from the riskier currencies. The Aussie has been a top performer these past several months considering many traders bank on a strengthening of the AUD due to a rise in Chinese demand for Australian raw materials.

Indeed, the insatiable appetite for the raw ore produced in the Land Down Under by the Chinese manufacturing and industrial sectors have, in some ways, transformed the AUD/USD into one of the more frequently traded pairs in the forex market. Investors view the pair as a gauge on the strength of China. As the AUD rises versus its American counterpart, a number of analysts begin to speculate that it is out of an expectation for a boom in demand by China for natural resources out of its southerly Pacific neighbor. Savvy traders have lately been using this metric as a way to determine whether or not to buy into the Chinese stock exchanges.

Current Time: 05/27 00:17 GMT

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