Aussie/US Dollar Reaches Parity
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The Aussie dollar, which has been trading at a premium to the U.S. dollar for most of the year, has collapsed this week and is now trading at parity with the US Dollar.
The drop corresponds to a selloff in commodity prices, which is not unusually given that miners and material companies contribute significantly to Australia's economy.
Equities in Australia, which can be traded using iShares MSCI Australia Index (NYSE: EWA), also traded lower today.
CurrencyShares Australian Dollar Trust (NYSE: FXA) tracks moves in the Australian dollar relative to the US dollar.
The drop corresponds to a selloff in commodity prices, which is not unusually given that miners and material companies contribute significantly to Australia's economy.
Equities in Australia, which can be traded using iShares MSCI Australia Index (NYSE: EWA), also traded lower today.
CurrencyShares Australian Dollar Trust (NYSE: FXA) tracks moves in the Australian dollar relative to the US dollar.
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