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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Thursday, April 2, 2009

Aussie dollar rises to 3-month high; shares seen up

theaustralian.news.com.au
THE Aussie dollar has hit a three-month high and shares are expected to open higher amid growing optimism the worst is over.
US and European shares rose for a third straight session after an up-tick in factory orders, revamped accounting rules and positive news from the G-20 summit lifted sentiment.

Commodity markets embraced the good news, with crude oil surging almost 9 per cent and copper -- a barometer of economic growth -- hitting a five-month high as investors bet on renewed demand for commodities.

Australian June share price index futures contract ended the overnight session higher by 56 points to 3732, suggesting further gains in the S&P/ASX 200.

An increase of that magnitude would wipe out this year’s losses and put the benchmark index in positive territory for the first time this year. It would be the highest level since January 9.

The optimism spread to currency markets, where the Australian dollar soared 2.4 per cent to US71.99 cents in overnight trading, the highest level since January 7.

Overnight, the Dow Jones Industrial Average rose 216.48 points (2.8 per cent) to 7978.08, its highest close since February 9. The Dow is up 20 per cent for the last four weeks, which would be the best winning streak over that period since May 1933, when it rose 31 per cent.

The broad Standard & Poor's 500 index rose 23.3 points (2.9 per cent) to 834.38, also the highest level since February 12. The Nasdaq Composite rose 51.03 points (3.29 per cent) to 1602.63, and is now positive for the year to date with a 1.6 per cent gain.

A rise in US factory orders topped a list of positive news.

Elsewhere, the European Central Bank cut its interest-rate target, new data showed that China's manufacturing sector is growing again, and leaders of the G20 nations announced a tripling of the lending power of the International Monetary Fund.

US mark-to-market accounting rules were eased, allowing companies to use their own judgment to a greater extent in determining the “fair value” of their assets.
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