Australian Dollar

Aussie jumps after Reserve Bank of Australia abandons easing bias

The RBA said a lower currency will aid the economy if sustained. Photo: Reuters

The Australian dollar stole the limelight on Tuesday, surging over half a US cent after Australia’s central bank surprised some traders by dropping its bias towards easing rates.

Tuesday, 4 February, 2014, 1:58pm

Surprise Australian jobs slide revives risk of rate cut, hammers currency

A moderation in wage growth and improving productivity were two positives in the Australian government's dismal employment report for last month. Photo: Bloomberg

Australian employers shed jobs at the fastest pace in nine months last month while full-time positions suffered their biggest drop since mid-2011, an unexpected blow that hammered the Australian dollar to its lowest level in more than three years.

17 Jan 2014 - 12:20am

Australian dollar likely to fall materially, says central bank chief Glenn Stevens

Weakening terms of trade will drive the Australian dollar down. Photo: AFP

Australia’s top central banker said on Tuesday it was likely the Australian dollar would fall materially in the future given the country’s declining terms of trade, a shift that would be welcome to trade-exposed sectors of the domestic economy.

29 Oct 2013 - 2:04pm 1 comment

Ford to close plants as Australian dollar hits sales

The Ford closures will see 1,200 employees lose their jobs.

Ford Australia faces costs double those in Europe and four times those of its Asian divisions, its local president Bob Graziano said yesterday as he announced the loss of 1,200 jobs from October 2016 at two plants in Melbourne and Geelong.

8 May 2015 - 4:37pm

Direct yuan-A$ trade gets off to A$250m start

Australian Prime Minister Julia Gillard. Photo: Bloomberg

Australian Prime Minister Julia Gillard said direct trading between the yuan and the Australian dollar totalled A$250 million (HK$2.04 billion) on the first day. That is equivalent to about 70 per cent of daily commerce between China and Australia.

12 Apr 2013 - 5:43am

Yuan and Australian dollar to start direct trading

Australian Prime Minister Julia Gillard answers question from guests at an executive leadership academy in Shanghai yesterday. Photo: AP

Australia & New Zealand Bank and Westpac Banking had been approved by the People's Bank of China as market makers for the direct trading of the currencies, Gillard said in Shanghai yesterday. "This will be a huge advantage for Australia, not only for our big businesses, but also for our small and medium enterprises that want to do business here," she said.

9 Apr 2013 - 4:24am

China looking at direct yuan trade with Australian dollar

Australia's Prime Minister Julia Gillard (second left) speaks during a meeting with China's President Xi Jinping (second right) on the sidelines of the Boao Forum. Photo: AFP

China may soon allow its currency to trade directly with the Australian dollar, according to officials from the central bank and a top government think tank. The official at the People's Bank of China, who did not want to be identified, said moves were afoot to allow direct trade settlement between Australia and China, rather than through the US dollar, lowering transaction costs. He said the possibility was under discussion at the Boao Forum, on Hainan, but refused to provide a time frame.

8 Apr 2013 - 9:15am

PM Gillard may ink Australian dollar-yuan currency conversion pact: report

Australian Prime Minister Julia Gillard. Photo: AFP

Australian Prime Minister Julia Gillard may seek a deal enabling direct conversion of Australian dollars into Chinese currency when she visits China this week, The Australian newspaper reported.

31 Mar 2013 - 6:06am 1 comment

Gas projects to pump up Aussie dollar

Gas pipes for a liquefied natural gas (LNG) pipeline are unloaded at a port in Brisbane. Photo: Bloomberg

Strategists are boosting forecasts for Australia's dollar by the most of any Group of 10 currency, betting that US$190 billion of natural-gas projects will keep funds flowing into the nation as spending on mines slows.

2 Feb 2013 - 4:25am

IMF says Australia has room to lower interest rates

Reserve Bank of Australia governor Glenn Stevens kept the key rate unchanged at 3.25 per cent on November 6 as inflation accelerates and the global outlook stabilises.

Australia has scope to lower its benchmark interest rate further and delay a return to budget surpluses this year should the global outlook deteriorate, the International Monetary Fund's executive board said.

17 Nov 2012 - 4:13am

More bad news for expats: the Aussie dollar will stay strong

Tom Holland

"What's going on with the Australian dollar? Why is it so strong?" asks a colleague who wants to transfer money down under. "Surely it should be much weaker than this?"

She has a point. For most of the last 10 years the aussie has been a favourite play on both the growth of the Chinese economy and the commodity boom.

29 Aug 2012 - 9:25am

Toy firms fear crisis will cut into sales

Tensions between buyers and exhibitors flared yesterday at the Hong Kong Toys and Games Fair as manufacturers raised factory-gate prices by about 10 per cent to offset swelling costs amid fears that sales could fall.

10 Jan 2012 - 12:00am

Investors flee further from Asian currencies

Asian currencies, including Hong Kong's growing pool of yuan, fell further yesterday as investors sought the safety of the US dollar amid fears a global economic slump is imminent.

24 Sep 2011 - 12:00am

Australia lives with rising aussie

Australians thinking of visiting Hong Kong - or any other destination with a currency tied to the US dollar - are contemplating their trips with the happy thought that their spending money will buy 10 per cent more today than it would a month ago.

26 Nov 2004 - 12:00am

Economy remains resilient while global growth drags

The Australian economy has weathered external pressures and is still faring relatively well compared with many other leading economies. Commonwealth Bank chief economist Michael Blythe points out that global growth remains mediocre, and an early return by the United States to the stellar growth rates of the late 1990s is unlikely.

24 Jan 2003 - 12:00am