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Australian Dollar reaches 16 year peak on rate speculation

Aussie Dollar rises amidst an increasing speculation of an interest rate rise

Submitted by Peter Fleming on Wed, 11/04/2007 - 10:49pm.
In Major Currencies | Australian Dollar | Economic Indicators | Market Reactions

The Australian Dollar reached its highest level since 1990 on Tuesday as sound economic data assisted in bringing up more speculation for a possible interest rate rise next month. The Australian Dollar has gained a total of 4 percent against the U.S. Dollar, helped by rising metal prices and foreign investor's growing demand for high yield currencies. It has also reached a 10 year high against the Japanese Yen as investors continue with carry trades.

The Aussie Dollar traded at 82.32 U.S. cents from 81.65 U.S. cents last Thursday. Against the Japanese Yen, it traded at 97.79 Yen from 96.99 on Thursday.

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