AUD/USD at a Post-Float Record or Not?

[bellenuit]

Because I buy and sell US shares, I need to monitor the exchange rate for CGT calculations. I use the ATO website to obtain the figures as they have tables of daily exchange rates updated a few days after the end of each month. When doing my tax return recently I noticed that the highest rate of AUD/USD went above $1.12 in May with its peak at $1.1281.

So I was quite surprised to read today that the AUD/USD rate has reached a post float high of $US1.1062.

With another jump in the past two weeks, largely on the back of the deteriorating debt-ceiling debate in the US that has weighed on that country's currency, the Australian dollar hit $US1.1062 today, its highest level since being floated in 1983.

http://www.theaustralian.com.au/bus...es-for-rate-rise/story-e6frg926-1226102700419

So what is different between the rates being reported in the news and the rates published by the ATO that there is this discrepancy?

Here is a link to the ATO rates, for May 2011:

http://www.ato.gov.au/taxprofessionals/content.aspx?menuid=0&doc=/content/00251019.htm&page=2&H2

If you look at the first table (2-6 May) and go to the row for the USA (2nd from bottom), it lists 1.1281 as the rate for 2nd May. It cannot just be a one off error, as the rates shown from 27 April through to 11 May are all greater than 1.1062 except for just a few days (5th to 9th May)

 

[pixel]

Not everything that appears in print is necessarily true.
I must admit, however, that I too seem to recall 113c in May; looking now at the weekly chart, either my menory is mistaken, or there has been a reporting glitch in May, which has since been corrected.
Current chart cleatly shows a new High.



Note that exchange rates are determined by actual forex trades; just like share transactions can sometimes be reversed if found to have been made in error, the same would apply to FX on May 2nd.

 

[bellenuit]

just like share transactions can sometimes be reversed if found to have been made in error, the same would apply to FX on May 2nd.

Yes, but as I mentioned, it wasn't just a one off for May 2nd. From 27 April through to 11 May, all are greater than 1.1062 except for just 3 of those days.

 

[pixel]

Yes, but as I mentioned, it wasn't just a one off for May 2nd. From 27 April through to 11 May, all are greater than 1.1062 except for just 3 of those days.

Can you provide a chart? Mine clearly shows a different picture. (data from Reuters)