AUD

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).

Saturday, October 31, 2009

First-home buyers brace for rate pain
THOUSANDS of first-home buyers are tipped to default on their mortgages if the Reserve Bank raises interest rates on Cup Day.
The expected rate rise comes after a bank boss admitted profit margins on loans would increase, and leaked documents from another bank showed staff were under pressure to push more credit on to customers.
It also comes despite last week's falls on world sharemarkets, prompted by fears over the continued weakness of the US economy and the global financial system.
New research by analysts Fujitsu Consulting, seen by the Sunday Herald Sun, concluded the number of Australians who defaulted on mortgage payments would rise from 25,000 to 40,000 by the end of 2010.

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