Wednesday, June 10, 2009
Australian Dollar Getting Strong Around June 2009
I have noticed that the Australian Dollar has been getting stronger and stronger. However, a slightly strange behavior of the Australian Dollar was spotted. At different times of the day, the Aussie would show different trends.
At about 7am to 8am Perth/Tokyo/Asian time, the Australian Dollar would seem to rise. This can be seen noticeably when you check out the AUDUSD pair. And it will continue to rise until the end of the day, with the highest movement around 2-3pm when the European and British banks open. And then when the American Banks open at 7pm (7am NY time), the Aussie would fall.
From this, I deduce that the Australian Dollar will move up and fast during the day and will slow down during the night. If not generally, then recently, during the month of June, 2009. This cannot be said for other currencies especially EURO and USD. Although those currencies do slow down during the night, they sometimes still show signs of high volatility.