The Australian Dollar has risen to a three week high due to speculation on rising metal prices will increase the demand for the Australian currency. The Australian Dollar continued to rise for a fifth consecutive day as nickel prices reach a 19 year high, tin reached to a high since 1989 and gold managed to reach a 2 week high. The Australian Dollar is strongly linked to its metal prices since raw materials such as gold, tin and nickel have supported up to 10 percent of Australia's economic growth. ``The Australian dollar is supported from further gains in gold and the higher close in base metals,'' said Sue Trinh, a currency strategist at RBC Capital Markets in Sydney.
In the London Metals Exchange, copper and zinc rose 3.7 percent, nickel climbed 3.7 percent, copper roseby 0.4 percent and lead rose 3.1 percent.
In the forex trading today, the Australian Dollar bought 75.43 US. cents this morning at 10:45 am from 75.28 US. cents in late Asian trading yesterday. It rose to a high of 75.48 US. cents, which is its highest since September 26.
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