2012-10-15 09:39:32Roosevelt

AUD Dollar rebounds after falling with world stocks

DateOctober 15, 2012 - 7:48AM

The Australian dollar has rebounded falling with Wall Street as investors showed disappointment with some US earnings reports and concerns about Chinese growth.


At 7am AEDT the currency was trading at 102.54 US cents. It was trading as higher down from 102.77 US cents on Friday afternoon, but fell to 102.18 US cents after midnight on Friday.


HiFX senior trader Stuart Ive said the local currency started the weekend on a weak note, before recovering some ground later on.


"There was a sell-off in the Aussie dollar on Friday for two reasons," he said.


Advertisement "The market was a bit disappointing with some US earnings - Wells Fargo and JP Morgan came out with record earnings but the market viewed it as concerns about their profits going forward, and this weakened the Dow Jones.


"Then, there was concern ahead of the release of Chinese trade data which was due on Saturday."


Mr Ive said this data - which showed a rise of 9.9 per cent in export growth during September - had given the Aussie dollar some support, after it fell as low as 102.20 US cents.


"That data was better than expected," he said.


"Exports grew 9.9 per cent year-on-year, and the expectation was five per cent