Aussie is trading rangebound today, for the most part, with low volumes. Right now, Aussie is seeing some support from an improvement in gold prices, but other uncertainties have currencies floundering, looking for direction.
Additionally, with equity markets in the United States and in Great Britain closed today, thin trading is providing little help in the way of direction for currencies. As a result, Aussie is fluctuating between gains and losses against most major currencies.
Right now, Aussie is mainly slightly lower, but that could change swiftly. For the most part, the news surrounding the Australian dollar focuses on an event that took place in 1983: The decision to allow the Aussie to float on the currency market.
To this day, there is still argument over who should get credit for the decision (between Bob Hawke and Paul Keating), as well as whether or not the decision was a good one for the Australian economy, as well as for the ability of Australia to handle the mining boom that has taken place since then.
Today, though, the position of the Aussie is a little ambivalent. Tomorrow, when more markets are open and Forex traders and other investors are back in trading mode, we’ll have a better idea of where everything stands.
