Friday, August 23, 2013

Rough week for Aussie dollar

The Australian dollar managed to steady as global risk aversion relented for the moment, though it is still nursing heavy losses for the week.

The Aussie was hovering at 90.06 US cents, off Thursday's trough of 89.30 US cents but well short of the week's high at 92.34 US cents. That left it down 1.9 per cent for the week, largely due to investors selling it as a proxy for heightened risk in Asian emerging markets.

It found some support against the yen, though mainly thanks to yen selling for U.S. dollars, with the greenback up at 89.13 yen from Thursday's low at 87.36.

Helping sentiment was better economic data from China, Europe and the United States which pointed to an improving outlook for global growth and so the demand for commodities.


In debt markets, Australian bonds had a tough time as markets priced in a greater risk the US Federal Reserve would begin tapering its stimulus in September. The resulting rise in Treasury yields lifted borrowing costs across the globe.

In Australia, yields on 10-year bonds steadied at 4.7 per cent on Friday, having hit a 17-month peak on Thursday to be up around 9 basis points for the week.

In the futures market, the three-year bond contract was flat at 97.130, but up from a one-month low of 97.070. The 10-year contract inched up a tick to 96.925, but was still down 10 ticks on the week.

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