The Australian dollar lost value on Friday against all of its major rivals following the downward dip of global stocks, which reduced demand for higher-yielding currencies, according to Bloomberg.
The Aussie dipped against the world's reserve currency after having notched its top value since the end of last year amid concerns the performance of the monetary unit of the South Pacific nation was overdone. But the Aussie was still driving toward a weekly advance against the greenback; a fourth consecutive weekly climb would mark its longest bullish streak since 2012.
"Monthly trading volumes have increased more than seven-fold in past year to US$2.4 billion from US$324 million equivalent before direct trading," a statement released by Australia Treasurer Joe hockey notes, according to Bloomberg. "The Australian dollar has become the fourth most traded currency on China's Foreign Exchange Trading System and there is significant potential for this market to grow."
The Aussie fell roughly 0.3 percent against the U.S. dollar on Friday and its weekly advance was checking in at roughly 1.1 percent.
Australian and Asian sharemarkets opened lower on Friday in the aftermath of steep Wall Street losses, The Business Spectator reports.
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