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Home / Business / Companies

Aust dollar on one-year high

AAP
8 Sep, 2009 07:58 AM2 mins to read

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SYDNEY - The Australian dollar ended the domestic session at a fresh 12-month high as a rally on equity markets lifted demand for high-yielding currencies.

At 1700 AEST, the Australian dollar was trading at US$0.8591/94, up 0.88 per cent from Monday's close of US$0.8516/20.

It was the Australian dollar's highest
close to the local session since August 29, 2008, when it ended at US$0.8609/11.

After 0700 AEST, the local unit moved between US$0.8530 and US$0.8596.

A currency strategist at financial markets research group 4Cast, Chris Furness, said a positive session on equity markets in Asia continued the firm lead from Europe, which dragged the Australian dollar higher.

European bourses closed higher on Monday following a positive factory report in Germany.

Factory orders in Germany, the largest economy in Europe, rose for the fifth straight month in July, up 3.5 per cent.

The German Dax index added 1.5 per cent.

"It was initially under a little bit of pressure as the what are known now as risk currencies were down as the Shanghai share index opened 1.6 per cent lower," Mr Furness said from Singapore.

"But the Shanghai stock exchange is surging.

"As equities start zooming, so do the so-called risk currencies and the Aussie is at the top of those."

Asian equity markets closed higher on Tuesday, with the All Ordinaries index up by 1.5 per cent and Japan's Nikkei-225 index 0.7 per cent higher.

The Shanghai sharemarket was 1.71 per cent higher by 1715 AEST.

"We are getting positive equity markets yet again, and what that tends to do is push the US dollar down against all currencies except the (Japanese) yen," Mr Furness said.

Economic events due in the US during Tuesday's offshore session include consumer credit data for July and the ABC Consumer Confidence report for week ending September 6.

Mr Furness said the performance of the Australian dollar would depend on equity markets during Tuesday's offshore session.

"If equities can hold their own and keep this rally going, then the Aussie will go with it," he said.

He forecasts the Australian dollar to move between US$0.8500 and US$0.8650 during Tuesday's offshore trade.

CURRENCY TABLE
(Currency snapshot at 1700 AEST)

CURRENCY SPOT PREVIOUS CLOSE

AUD/USD 0.8591-94 0.8516-20
AUD/JPY 79.45-49 79.34-37
AUD/EUR 0.5968-74 0.5939-45
AUD/NZD 1.2358-72 1.2370-80
AUD/GBP 0.5232-40 0.5199-04
EUR/USD 1.4395-97 1.4334-36
USD/JPY 92.47-50 93.15-17
EUR/JPY 133.06-09 133.54-57

- AAP

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