The Australian dollar decided that its rally doesn’t need to stop and continued its ascent, posting the new record high versus the US dollar.
The reason for the rally of the Aussie is the same as for other commodity currencies â the advancing prices for raw materials, caused by the prospect of the economic recovery. Analysts predicted that the factory orders in the US rose 1.1 percent in February. Forecasts also promise the report on April 1 will show that Chinaâs Purchasing Managersâ Index advanced from 52.2 to 54 in March.
The Reuters/Jefferies CRB Index of raw materials gained 6.4 percent so far this year. That’s the good news for the currency of Australia, as commodities make up a majority of the nation’s exports. The Standard & Poorâs 500 Index of U.S. stocks added 4.9 percent since the beginning of 2011.
AUD/USD rose from 1.0289 to 1.0323 as of 4:34 GMT today and reached the
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