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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Friday, April 3, 2009

Buy Australia Dollar, Norway’s Krone, Royal Bank of Canada Says

April 3 (Bloomberg) -- Investors should bet the Australian dollar will gain against New Zealand’s as the bigger nation’s central bank has been more effective in lowering borrowing costs, Royal Bank of Canada said.
Investors should also purchase Norway’s krone against Sweden’s currency for similar reasons, the bank said.
“The Reserve Bank of Australia and Norges Bank are much further ahead of the curve in loosening policy than their regional counterparts,” wrote Adam Cole, global head of currency strategy in London at Royal Bank of Canada.
Australia’s currency slipped 1.1 percent to NZ$1.2248 as of 5:34 p.m. in Sydney from NZ$1.2380 late in New York yesterday. The Swedish krona traded at 1.2266 per Norwegian krone from 1.2239 yesterday.
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