You are now reading old news from our archive. To read the most updated Forex news, click Forex news.

Australian Dollar Gains on Rising Commodities/Equities and Weakening U.S. Dollar

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.

Additional News

Safe-haven Currencies Slip with Promise of Assistance for Dubai Banks

Dubai Debt Worries Spur Investors to Safe-Haven Yen

Back to List >

Share This Article on Your Site

Website & Blogs Forums

<h1>Australian Dollar Gains on Rising Commodities/Equities and Weakening U.S. Dollar</h1> Monday, November 23, 2009 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&rsquo;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. This content brought to you by Dailyforex, an online <a href="http://www.dailyforex.com" target="_new">Forex trading portal.</a> 
Original source of this content: <a href='http://www.dailyforex.com/news/2009/11/_2878_dailyforex-news_Australian_Dollar_Gains_on_Rising_Commodities/Equities_and_Weakening_U.S._Dollar.aspx' target='_new'> Australian Dollar Gains on Rising Commodities/Equities and Weakening U.S. Dollar</a>