Australian Dollar fell

The FT reports that the Australian Dollar fell on reports in the Australian press that the Reserve Bank of Australia would seriously consider cutting interest rates after its policy meeting next week.

The Australian Dollar was also hit by a fall in the Chinese purchasing managers’ index, which dropped below the 50 level that suggests contraction for the first time on record. Analysts said this was evidence that rampant Chinese demand for Australian commodities might have peaked.

The Pound to Australian Dollars today took a battering and the best australian dollar exchange rate is currently 2.1176