Australian dollar facing an uphill battle, ASOS raking in profits worldwide: Midday roundup

The Australian dollar faced a night of ups and downs against the US dollar. After hitting its lowest point in 33 months on Tuesday, trading at just US93.26 cents, the Aussie gained momentum. The dollar reached a high of US96.64 cents early this morning.

The dollar has since slipped back to US95.86 cents.

Investors bet the United States central bank would continue its economic stimulus program, driving the dollar higher.

The last two months have been tumultuous for the local currency. At the beginning of May it was trading at US103.22 cents.

The dollar is not doing well against the Japanese yen. Today it reached its lowest point against the yen for 2013, trading at only 92 yen, while for most of the year the Aussie dollar had traded above 100 yen.

ASOS raking in the profits worldwide

Australia’s love affair with online shopping is continuing, with popular online only retailer ASOS revealing a 45% rise in year-on-year retail sales.

The British founded company is a worldwide success, with international sales now accounting for 67% of its sales.

The company recorded sales of 194 million pounds ($A302 million) in the three months leading up to May 31. This 48% increase was up on the companies expected increase of 41.8%.

UK sales increased by 64 million pounds to 39% and the retailer’s international sales enjoyed a huge boost of 48% raking in 129 million pounds.

ASOS’ international market looks set to increase as the retailer plans to open a Chinese language site in October, to further tap into the Chinese market.

Shares on the up

Australian shares have rebounded more than 1% this morning, on the back of positive unemployment data and gains on Wall Street overnight.

The S&P/ASX200 was up 62.9 points to 4758.7, just after midday, proving hope the share market’s recent sharp decline may have come to an end.

The Dow Jones closed 1.21% higher overnight, up 180.85 points to 15,176.08.

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