Aussie hits $1.10 against US
The Aussie dollar has hit a thirty-year high against the greenback.
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The Australian dollar has hit a 30-year high against the greenback, climbing above US$1.10 as it continued to rise against most major currencies.
This is the highest point the Aussie has reached against the greenback since 1981, when it was last at US$1.10.
Both the weakness of the US dollar and the strength of the Australian economy thanks to soaring commodity prices are being pointed to as reasons for the increase.
The Aussie is also buying €0.74, 89 yen and 65.6 pence, according to Bloomberg data.
Local observers predict the Aussie could soon hit US$1.20, although there is debate over whether the New Zealand dollar will continue its own ascent against the greenback.
The New Zealand dollar is currently buying about US81c.
NBR staff
Mon, 02 May 2011
Mon, 02 May 2011
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Aussie hits $1.10 against US
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