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AUD at 25-Year High against Greenback

June 30, 2008 at 10:46 by Andriy Moraru

Australian dollarThe Australian dollar reached a record high value since February 1983 against its counterpart from the United States today as the USD slumped and the commodity currencies grew on optimism.

The Australia’s national resource producers climbed up today on the stock market as the traders showed an elevetated optimism in the global economy growth. This boosted the USD-AUD conversion and supported the AUD/USD growth, while Aussie remained quite weak against other currencies.

Australian dollar came closer to parity with the U.S. dollar as only 3.35 cent are separating this two currencies from 1:1 rate now.

As the Reserve Bank of Australia is keeping the interest rate high at 7.25 percent, the national currency will be supported by the carry trades even against the dollar. The good economy growth in the first quarter of 2008 signaled that the central bank still has some time before cutting the rates.

AUD/USD rose from 0.9607 to 0.9661 as of 8:39 GMT today, with a highest value near 0.9666. Meanwhile, AUD/JPY dropped from 102.01 to 101.56 as the yen grew significantly today on Forex. AUD/NZD had a slight loss today, going down from 1.2625 to 1.2608.

If you have any questions, comments, or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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