Wed, July 24, 2024

Australian Money in Danger, the Country’s Economy Shakes

Wibest – Australian Money: Australian dollar (AUD) coins and the Australian flag behind.

Recently released data from the country’s economy had nothing against the current situation in Australia today.

The Australian money is still in trouble against major currencies as bushfires ravaging through the country recks the economy.

As of writing, the AUD is starting to regain its footing against the USD after continuously falling in recent sessions. The AUD USD pair rose 0.12% or 0.0008 points, and it currently trades for $0.6876 in today’s trading.

Perhaps, the Australian money took a shot of the opening brought by the escalating conflict between Washington and Tehran. Still, traders are concerned whether the Aussie could hold on to its gains in coming sessions.

Meanwhile, the single currency of the eurozone fell lower despite inflation progress. The EUR AUD exchange rate fell by 0.17% or 0.0028 points in today’s trading session. The pair eased from its previous close of AU$1.6226 to AU$1.6199 this Wednesday.

Then, the Australian money contract finally rebounded by 0.19% or 0.0013 points in today’s trading sessions. The AUD futures took a drastic U-turn this 2020, erasing some its December gains following the wildfire.

Hotter Conditions

Firefighters and citizens from the south-eastern part of Australia are bracing themselves for harsher conditions on Thursday and Friday. The rampant bushfire catastrophe has already wrecked 8.4m hectares of land in the country.

Wibest – Australian Money: A road sign with an illustration of a koala and the road is filled with smoke. However, the tragic crisis has greatly affected the country’s economy and Australian money. The Aussie is unprotected. A fear remains that weather conditions are progressively worsening.

Australia’s bushfire has already turned thousands of homes into ashes and devastated livelihoods. Reports show about 26 dead, including several volunteer firefighters.

The condition will worsen in New South Wales, South Australia, and Victoria starting tomorrow. Temperatures around 40C and unimaginable winds are sweeping through the raging bushfires.

The Bureau of Meteorology issued an extremely high fire danger rating for the said areas. The Bureau of Meteorology urges residents to evacuate their homes immediately before Friday.

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