The Australian dollar (sign: $; code: AUD) is the currency of the Commonwealth of Australia, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu. Within Australia it is almost always abbreviated with the dollar sign ($); A$ or AU$ are often used informally to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents.The Australian dollar is currently the sixth-most-traded currency in the world[1] foreign exchange markets, (behind the US dollar, the euro, the yen, the pound sterling, and the swiss franc), accounting for over 6% of worldwide foreign-exchange transactions. The Australian dollar is popular with currency traders due to high interest rates in Australia, the relative freedom of the foreign exchange market from governmental intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies (especially because of its greater exposure to Asian economies and the commodities cycle).

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Tuesday, April 14, 2009

Aussie dollar steadies after dip; bonds edge up

SYDNEY, April 15 (Reuters) - The Australian dollar steadied on Wednesday after weaker stocks and commodities dragged it back from six-month highs highs against the yen and the U.S. dollar.
* Optimism about a global economic recovery that had boosted demand for commodity currencies earlier this week ebbed, with disappointing U.S. retail sales data providing a stark reminder about the economy's weakness. [ID:nN14451267]
* By 9:45 a.m., the Aussie was at $0.7235 against the U.S. dollar, off a six-month high of $0.7328 struck on Monday, and down 0.6 percent from late here on Tuesday.
* Still, the currency found solid support aorund 72 U.S. cents, keeping its six-week uptrend in place for now.
* The Aussie also eased against the yen as falling stock markets led investors to pare positions in high-yielding currencies. The Aussie was at 71.65 yen , down 1.2 percent from Tuesday when it scaled a six-month high..ninemsn.com.au
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