{"id":97268,"date":"2020-03-09T12:32:05","date_gmt":"2020-03-09T16:32:05","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97268"},"modified":"2020-03-10T02:48:50","modified_gmt":"2020-03-10T06:48:50","slug":"102630-aud-usd-australian-dollar-recovers-from-11-year-low","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102630-aud-usd-australian-dollar-recovers-from-11-year-low\/","title":{"rendered":"AUD\/USD: Australian Dollar Recovers From 11 Year Low"},"content":{"rendered":"<p>The Australian dollar is picking up versus the US Dollar, as the US session progresses on Monday. After a sharp decline on the open which saw the Aussie dollar strike an 11 year low, the Australian dollar had pared losses and was attempting to push into positive territory.<\/p>\n<p>AUD\/USD is trading at US$0.6650 at 16:15 UTC, towards the upper end of its trading range which spanned from US$0.6321 \u2013 US$0.6686.<\/p>\n<h3><strong>Australian Dollar Falls On Chinese Data, Risk Off Trading<\/strong><\/h3>\n<p>The Australian dollar tanked on Monday as coronavirus fears engulfed the financial markets. As the number of cases across the globe hit 108,000 investors panicked that a global recession is drawing near.<\/p>\n<p>Chinese export data fanned fears of the hit to the world\u2019s second largest economy. The 14% decline in exports comes following China reporting its weakest PMI reading for manufacturing and services on record, two weeks ago. The expectation is for China to report its lowest GDP reading for over 30 years. China is Australia\u2019s principal trading partner, making any slowdown in China a potential slowdown for the Australian economy too. As a result, the Australian dollar plummeted.<\/p>\n<p>Adding to the negative mood towards the Australian dollar is the risk off atmosphere. The Australian dollar is a commodity currency meaning that it is a perceived riskier currency. Therefore, in times of market mayhem, such as today, investors look towards safe haven currencies and flock from Australian Dollar.<\/p>\n<h3><strong>US Dollar Lower On Oil, Inflation Concerns<\/strong><\/h3>\n<p>The US Dollar was broadly out of favour versus its major peers as investors fretted over an oil price war between Russia and Saudi Arabia. The price of oil dived 30% to a low of $28 per barrel after Russia refused to back deeper OPEC led output cuts. Saudi Arabia, in revenge announced it will ramp up output and lower its prices undercutting other market participants.<\/p>\n<p>The US is already experiencing problems will weak inflation. This move by Saudi Arabia will reduce prices at the petrol pump across the US, dragging lacklustre US inflation lower. The move increases the probability of additional rate cuts from the Fed.<\/p>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The Australian dollar is picking up versus the US Dollar, as the US session progresses on Monday. After a sharp decline on the open which saw the Aussie dollar strike an 11 year low, the Australian dollar had pared losses and was attempting to push into positive territory. AUD\/USD is trading at US$0.6650 at 16:15 [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":3609,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1381],"tags":[1540,1541,2476,2437,2475,2477,1414,1397,1398],"class_list":{"0":"post-97268","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-aud","8":"category-usd","9":"tag-aud","10":"tag-australian-dollar","11":"tag-chinese-data","12":"tag-coronvirus","13":"tag-market-crash","14":"tag-oil-price-war","15":"tag-recession","16":"tag-us-dollar","17":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AUD\/USD: Australian Dollar Recovers From 11 Year Low - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/102630-aud-usd-australian-dollar-recovers-from-11-year-low\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102630-aud-usd-australian-dollar-recovers-from-11-year-low\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102630-aud-usd-australian-dollar-recovers-from-11-year-low\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"AUD\\\/USD: Australian Dollar Recovers From 11 Year Low\",\"datePublished\":\"2020-03-09T16:32:05+00:00\",\"dateModified\":\"2020-03-10T06:48:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102630-aud-usd-australian-dollar-recovers-from-11-year-low\\\/\"},\"wordCount\":600,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102630-aud-usd-australian-dollar-recovers-from-11-year-low\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100048-gbp-aud-tory-lead-poll-falls.jpg\",\"keywords\":[\"aud\",\"australian dollar\",\"Chinese data\",\"coronvirus\",\"market crash\",\"oil price war\",\"recession\",\"us dollar\",\"usd\"],\"articleSection\":[\"AUD\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102630-aud-usd-australian-dollar-recovers-from-11-year-low\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102630-aud-usd-australian-dollar-recovers-from-11-year-low\\\/\",\"name\":\"AUD\\\/USD: Australian Dollar Recovers From 11 Year Low - 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