Highest $A in Seven Months Cuts Wool Prices
May 22, 2009
The highest Australian dollar ($A) exchange rate in seven months contributed to this week's softer wool market. The eastern market indicator (EMI) fell by 1 percent on Wednesday, temporarily ending wool's 11-week rise.
Apart from the stronger $A, a bigger offering may have had an impact. The Australian wool offering this week climbed to a monthly high as producers tried to take advantage of the bounce in Chinese buying activity and sustained price rises.
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