by Damian -
Australian Dollar exchange rate falls on bad news in China.
The Australian dollar exchange rate fell for the first time in three days after a Chinese property developer collapsed highlighting the fragile property market in Australia’s largest trade partner.
The Fact that tonight’s US Fed reserve is holding its meeting would have also led to Australian dollar selling as foreign exchange traders would be keen to taker profits.
This Profit taking was also seen in the New Zealand Dollar rates over night, as both currencies face their technical level on the 200 day moving average.