Australian Dollar Hits 23-Year High Against US

Financial Times   |  Virginia Marsh   |   October 9, 2007 07:55 AM


stumbleupon :Australian Dollar Hits 23-Year High Against US   digg: Australian Dollar Hits 23-Year High Against US   reddit: Australian Dollar Hits 23-Year High Against US   del.icio.us: Australian Dollar Hits 23-Year High Against US

The Australian dollar reached its strongest level against the US dollar in nearly a quarter of a century on Monday, some commentators predicting it could reach parity in the coming months.

The Aussie jumped by more than one US cent, passing through the 90 US cent barrier to reach $0.9033 in trading in Asia, before ending the session in Sydney at $0.9016, its highest level in 23 years.

Yesterday's rise marks an extraordinary run for the Aussie, which dipped to $0.77 in August on subprime fears. It also hit a 10-year high against sterling yesterday, ending at 44.17p in local trading. The rise was spurred by last week's positive US jobs data, which have dimmed fears of a US recession and strong local equity markets.

Comments for this post are now closed

 
 

Comments
23
Pending Comments
0

Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to

View Comments:
- theeconomicfractalist See Profile I'm a Fan of theeconomicfractalist

Generational US Consumer Saturation Macroeconomics - 11 October 2007: the Top Valuation Day for the Wilshire ?; near the final weekly low for the US dollar?

Watch for an opening day trading gap to the all time high for the Wilshire on 11 October with a closing at the low of the day. While the US dollar will likely be lower against other fiats and gold, it is near its multiweekly nadir.

    Favorite    Flag as abusive Posted 10:23 PM on 10/10/2007
- godlessclif See Profile I'm a Fan of godlessclif

Larry Craig: He you got any extra toilet paper in your stall?
Undercover cop: No I'm all out.
Larry Craig: You got five ones for a five.
Undercover cop: Hand me the five
Craig hands over five, Cop: Your Busted.

    Favorite    Flag as abusive Posted 03:27 PM on 10/09/2007
- OneVoiceInACrowd See Profile I'm a Fan of OneVoiceInACrowd

What was happening 23 years ago? There are so many variables that go into this is it even worth getting into?

    Favorite    Flag as abusive Posted 01:59 PM on 10/09/2007
- ajax2 See Profile I'm a Fan of ajax2

Will the Peso be next to top the dollar?

    Favorite    Flag as abusive Posted 12:06 PM on 10/09/2007
- loki See Profile I'm a Fan of loki

Good for them. Maybe now they can stop eating Vegemite as well as their national symbols , the kangaroo. Could you imagine if we started eating the eagle?? But its ok to eat the Kangaroo and Emu.

    Favorite    Flag as abusive Posted 11:37 AM on 10/09/2007
- DocSarvis See Profile I'm a Fan of DocSarvis

What's wrong with Vegemite? Yum.

    Favorite    Flag as abusive Posted 02:17 PM on 10/10/2007
- Rand See Profile I'm a Fan of Rand

You, Doc, are a VERY sick man!

    Favorite    Flag as abusive Posted 04:48 PM on 10/10/2007
- Rand See Profile I'm a Fan of Rand

They use the 'Roo as their national symbol because it's uniquely Australian. Not only isn't it rare (As is our eagle), but farmers consider it to be a pest. They'd want to kill them even if the meat was poisonous!

    Favorite    Flag as abusive Posted 12:36 PM on 10/10/2007
- Ammobob See Profile I'm a Fan of Ammobob

So I can expect MORE Australians ferreting across our borders???? OY VAY!

Hopefully, they'll buy MORE guns made in the good ol' U.S. of VAY!

    Favorite    Flag as abusive Posted 11:27 AM on 10/09/2007
- THEUNHEARDVOICE See Profile I'm a Fan of THEUNHEARDVOICE

Well American does have a large minority population!!Are we now without knowing it a third world nation with health care for the rich only?

    Favorite    Flag as abusive Posted 11:06 AM on 10/09/2007
- Greywolf See Profile I'm a Fan of Greywolf

The days of the dollar being the monetary standard are over. In reporting the decrease in the value of the dollar they actually make it seem like the Australian dollar is increasing. It is PR for the masses.
I was listening to a talk radio interview with an economist who was knowledgeable in energy and he stated the cost of oil would go to $100/barrel. He said war and availability were the reason. More PR. Even if all the oil were available the decline in the value of the dollar would cause oil to cost $100/barrel.

The true value of the dollar can only be reflected in the price of gold.

    Favorite    Flag as abusive Posted 10:53 AM on 10/09/2007
- Tom95134 See Profile I'm a Fan of Tom95134

Good job Georgie... YOU ASS!!

    Favorite    Flag as abusive Posted 10:50 AM on 10/09/2007
- MissingAmerica See Profile I'm a Fan of MissingAmerica

It would appear that Bush's economic policies are working, he is correct on that. The dollar is strong and the people are happy. Oops! One thing! He's talking about every country except ours. Do you think we should advise him to put down "My Pet Goat" and read the facts about the United States, especially before we lose it altogether?

    Favorite    Flag as abusive Posted 10:37 AM on 10/09/2007
- drkazmd65 See Profile I'm a Fan of drkazmd65

Yep,... we are doing just 'fantastic' economically here in the good old USA,...

I was in Sydney back in July 2001 and the exchage rate was about $0.57 US / $1 Australian pre-9/11.

I was back again during August 2002 and the exchange rate was about $0.65 US /$1 Australian post-9/11.

Now - thanks to Bush's version of economic 'success' we have lost about 40% value versus the Australian dollar, and have hit new lows against the Euro and recent lows against the Canadian dollar.

Remind me again how Republicans are supposed to be for fiscal responsibility and a strong economy?

    Favorite    Flag as abusive Posted 10:22 AM on 10/09/2007
- drkazmd65 See Profile I'm a Fan of drkazmd65

Sorry,... got those ratios backwards,... must need more coffee,...

Should have read:

I was in Sydney back in July 2001 and the exchage rate was about $0.57 Australian / $1 US pre-9/11.

I was back again during August 2002 and the exchange rate was about $0.65 Australian /$1 US post-9/11.

    Favorite    Flag as abusive Posted 10:25 AM on 10/09/2007
- drkazmd65 See Profile I'm a Fan of drkazmd65

Oh,... just forget the whole thing,...

*moseys off to get more coffee,...*

    Favorite    Flag as abusive Posted 10:26 AM on 10/09/2007
- PeterTheChanter See Profile I'm a Fan of PeterTheChanter

...yeah, and you all know that the Cdn peso is now worth *more* than the greenback...not a pleasant prospect for a Canuck who lives in the US but crosses the border frequently to visit friends and family

    Favorite    Flag as abusive Posted 10:08 AM on 10/09/2007
- bushdoescrack See Profile I'm a Fan of bushdoescrack

yeah, and you all know that the Cdn peso is now worth *more* than the greenback...not a pleasant prospect for a Canuck who lives in the US but crosses the border frequently to visit friends and family



i would now call the american $ a "bush buck", little value on the international market and you can wipe your ass with them.

    Favorite    Flag as abusive Posted 11:05 AM on 10/09/2007
- VictorLudorum See Profile I'm a Fan of VictorLudorum

Talking money is licking the footpath in The US . The Newyork chapter that advertises World Bank there are themselves Nazi's with behavior too.

What are we talking here is 'pure trustworthy' end of situation that others capitalise on.

Life of the Communication travelled out from Icons to "Court of Arms"
GOD WANTS DELUXE COLLECTIBLE ENVOGUE LIVING...
http://www.geocities.com/greatglobalist/ard5av.jpg

To every baby born...

PEACE GOD DESIRES!

GOD GETS!
http://www.geocities.com/greatglobalist/nur.htm

    Favorite    Flag as abusive Posted 09:54 AM on 10/09/2007
- BigBagel See Profile I'm a Fan of BigBagel

Can I still buy a pet dingo?

    Favorite    Flag as abusive Posted 09:29 AM on 10/09/2007
- 1differentdrummer See Profile I'm a Fan of 1differentdrummer

Congratulations, Repubs. It has taken you only six years to trash the once-mighty US dollar. What a feat. How conservative is that?

    Favorite    Flag as abusive Posted 09:28 AM on 10/09/2007
Comments are closed for this entry

You must be logged in to reply to this comment. Log in

 
 

Stock Quote

Enter a ticker symbol below:

Data provided by AOL



 

 Site  Web ask.com