The Australian Dollar trades close to a one month high as commodity exports approach the highest level. The Australian Dollar gained 2.9 percent in September as the Westpac Banking index of Australian Commodities showed that prices of raw materials increased by 2.5 percent. ''Stronger commodities are helping underpin the currency in an environment of a weak U.S. dollar,'' Sue Trinh, a currency strategist at RBC Capital Markets said in Sydney. Apart from a rise in commodity prices, the Australian Dollar has also been buoyed by a weakening U.S. Dollar on speculation that the U.S. Federal Reserve will cut interest rates this week, adding further strength on Australia's yield advantage.
In forex-trading, the Australian Dollar traded at 84.08 U.S. cents this morning in Sydney compared to 84.20 U.S. cents in New York on September 14. The Australian Dollar traded at 96.92 Japanese Yen compared to last week's 97.11 Yen.
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