The Australian dollar against its US counterpart is declining slowly but steadily. The current quote 0.6748.
The pressure that the USD applies to other currencies is too much to develop any alternative trend.
The morning statistics demonstrated that the hopes for trade surplus in Australia had not come true. The surplus in July turned out to be 8.8 billion AUD against 17.7 billion in July and the expected 14.5 billion. However, the trade surplus is still here and has been so for 13 quarters in a row. This has been the longest such trend since 1959.
The Australian economy is tightly bound to that of China which somewhat compromises it whenever the Chinese economy has a bad season. After yesterday disappointing statistics was revealed in China, tolerance to risk shrank, and the AUD was immediately affected.
Curiously, at the moment Australia does not profit from the global growth of coal prices though it could definitely benefit from what is going on in the sector.
