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

Dollar opens at three-month high on G20 moves

THE Australian dollar opened the local session at a three-month high as investor sentiment rose on the measures from the G20 meeting in London.
At 0700 AEDT, the Australian dollar was trading at $US0.7156/59, up 1.81 per cent from Thursday's close of $US0.7028/34.
It was the highest start to the local session since the currency opened at $US0.7249/53 on January 7.
During Thursday's offshore session, the dollar moved between $US0.7022 and $US0.7199.
Equity markets were higher on a rise in optimism following the G20 leaders summit in London that introduced a uniform international approach to reform the global economy and financial systems.
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