Australian dollar is higher, as weakness in the US dollar
The Australian dollar is higher, as weakness in the US dollar develops and confidence about prospects in
The currency was trading at levels higher than those recorded before the Reserve Bank’s interest rate cut on October 2.
The dollar was trading at $US1.0383, up from $US1.0380 around midday.
Advertisement Any monetary policy that is targeted towards lowering the currency is problematic is the current environment, said ANZ currency strategist Andrew Salter.
‘‘Over the last few days we’ve received some better economic data, particularly in the United States, housing starts were very impressive as were recent claims data.
"The failure of Moody’s the downgrade
But the rise of the Australian dollar against the greenback did not necessarily point strength in the local currency but rather weakness in the US dollar.‘‘
The US dollar is fundamentally a weak currency,’’ said Mr Salter. ‘‘It has got a current account deficit that is large by historical standards and it has to fund that with, currently, a very low return on capital.’’
Mr Salter said real yields in the
The last three-four months, the Australian dollar has been depreciating against most of the major currencies, including the US dollar, the yen, the euro and the pound.
‘‘What we’re seeing at the moment is a stabilisation in global economic data and associated stabilisation in commodity prices. If that continues it suggests the Aussie dollar might actually start to stabilise as well,’’ said Mr Salter.
Against the US dollar, ANZ is forecasting $US1.05 by the end of the first quarter next year.
In what Mr Salter described as a perverse move, overnight the Australian dollar rallied against the euro, now trading at 79.16 euro cents.
‘‘Over the last few months, the Aussie dollar has been falling against the euro. The euro has started to recover a bit given that the political and policy situation has improve in
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