Australian dollar lower in forex trading
The Aussie has been hit hard in currency trading on the FX market today, thanks to the latest news out of China. The Australian economy (and its currency) relies a great deal of Chinese economic expansion for recent successes.
With China requiring higher reserves in banks, in an effort to slow inflation, the Australian economy is also likely to be affected. As a result, the Australian dollar is moving lower in forex trading.
The news has risk appetite fleeing and forex traders looking to safe havens. With China obviously trying to avoid the rapid economic growth that can lead the global economic recovery, it is little surprise that the Aussie is getting slammed in currency trading.
