Aussie Dollar Soars

[DBAHO]

Just thought I'd post this for the financial geeks here;

 

The Australian dollar is headed towards US80 cents, and while it may be a US dollar story, it is helping to make Australians wealthier.

 

The Australian dollar closed half a US cent stronger yesterday, pushing through US79c to its highest levels in nearly four months.

 

At the close of local trade the dollar was at US79.16c, compared to US78.67c at Monday's close. The dollar hit a low of US78.65c after rising to a high of US79.20c during the afternoon session.

 

In overnight trading, the dollar touched a low of $US0.7899 before climbing to a high of $US0.7958.

 

Macquarie Bank currency strategist Jo Master said the local dollar taking advantage of the US dollar's weakness against the euro.

 

"Europe came in and pushed the euro higher and that helped the Aussie," she said.

 

"The reality is that whether it's today or tomorrow or next week, we are close enough to 80 US cents to push our head above there and have a look," Ms Master said. "I think we will get up there again and get an eight in front of the number at some point."

 

The dollar last breached 80 US cents just over a year ago on February 18, 2004.

[knightni]

Yeah, the Canadian $ is at an all time high as well.

 

It could reduce the amount of imports that the US gets, while increasing exports.

[southsider2k5]

The Euro, pound, and just about everything else are nearing highs as well...

[KipWellsFan]

Yeah, the Canadian $ is at an all time high as well.

 

It could reduce the amount of imports that the US gets, while increasing exports.

 

While the Canadian dollar is much higher than in recent years(64 cents to now around 80 cents) it is nowhere near an all-time high. In fact, if I'm not mistaken it wasn't too long ago that our dollar was worth more than the US dollar.