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Australian Dollar Gains on Rising Commodities/Equities and Weakening U.S. Dollar
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Monday, November 23, 2009 GMT
By: Barbara Zigah
Following four downtrending days attributed to a rising stock market and record setting gold prices, the Australian Dollar finally saw broad gains in Asian trading today. As reported at 4:41 pm in Sydney, versus the U.S. Dollar, the Australian Dollar rose to $.9193, a gain of .5% from Friday’s New York trade of $91.47. Against the Yen, the Australian Dollar traded at 81.70 Yen, a .5% rise and the first increase in six days. The New Zealand Dollar also rose against the greenback, trading at $.7269, a gain of .4%; versus the Japanese Yen it rose to 64.60 Yen.
Speculators continue to believe that, given the rebounding economy in Australia, the Australian Reserve Bank will have no choice but to raise key interest rates next week, for the third month in a row. The benchmark interest rate in Australia currently stands at 3.5% and in New Zealand, the rate is 2.5%. Both rates are among the highest of developing nations, attracting investors with their higher-yielding assets. In the United States, the benchmark rate remains at a historic low of zero and is expected to remain there until the economy sees a more sustained renewal.
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