AUD Rises on Market Optimism, Growth in Oil Prices
March 8th, 2010 Posted in Aussie - Kiwi, In-Depth Analysis
Name: Natalie
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The Australian Dollar rose to it strongest level since January as concerns eased over Greek budget debt and commodity prices rose. Demand for the AUD and other higher yielding currencies increased after French President Nicolas Sarkozy signaled support for Greece. Further boosting the AUD, Oil prices have been trading steadily around the $82 a barrel, providing support for commodity linked currencies such as the AUD.
Australia’s Dollar is also staying strong ahead of the Employment data, to be released this Thursday. The report is expected to show that the nation’s employers added jobs for a sixth month in February adding to speculations the central bank will need to raise interest rates further. As Australia’s economy continues to improve investors’ expectations of ever higher interest rates in Australia grow and a continuous improvement in employment will solidify this expectation.
Australia’s currency is currently traded at 91.15 U.S. cents from 90.77 cents in New York on March 5th. It earlier touched 91.30 cents. The currency advanced 0.6% to 82.42 yen.
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Tags: AUD/JPY forcast, AUD/USD, AUD/USD Forecast, AUD/USD trading, Australian Employment Data, Crude Oil price
