Credit: Investing.com - The Australian dollar traded lower against its U.S. rival in Friday's Asian, putting the Aussie dollar in position to notch its first weekly loss against the greenback in a month.
In Asian trading Friday, AUD/USD fell 0.32% to 1.0449. The pair was likely to find support at 1.0438, today's low, and resistance at 1.0557, Tuesday's high.
The Aussie dollar traded lower against the greenback and the other major currencies even after National Australia Bank said the fact that the government there may miss its goal of a budget surplus in the fiscal year ending June 30, 2013 may prove to be a good thing for the dollar. In Asian trading Thursday, the Aussie dollar fell after Treasurer Swan said the budget surplus was unlikely due to falling commodities prices and the stronger dollar.
Elsewhere, AUD/JPY plunged 0.83% to 87.71. The yen, which appears destined to be the worst performer of the world's developed market currencies this year, has been particularly weak against the Australian dollar as of late. However, the yen was seen gaining ground against nearly all of its major rivals in Friday's Asian session.
GBP/AUD added 0.15% to 1.557 while EUR/AUD fell 0.04% to 1.2631.
Adding to the Aussie dollar's woes Friday were comments made by ANZ chairman John Morschel on Thursday that other sectors of the Australian economy, such as housing and retail, are not recovering quickly enough to make up for the rapidly declining mining sector.
Morschel forecast Australian GDP growth of 2.5% to 3%. That compares with the government's own forecast of 3% for this year and 2013.
Looking at the Aussie dollar against some of the other majors, AUD/NZD was higher by 0.11% at 1.2585 while AUD/CHF was off 0.01% to 0.9556.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
