The Australian dollar began trading last week Monday the 5th April 2010 at 1.654 to the British Pound and 1.088 to the US Dollar. The Australian dollar closed on Friday the 9th April 2010 at 1.644 to the British Pound and 1.077 to the US Dollar.
The Australian Dollar closed lower on Thursday afternoon after the release of figures showing a steady unemployment rate and sterling selling off overnight in London.
The Australian Dollar reached a record high against the Euro of 69.4 Euro cents and an almost three-month high against the US currency, stimulated by the Reserve Bank’s latest interest rate increase and higher commodity prices.
Economists and currency traders believe that the Dollar could break though 70 Euro cents by the middle of the year but could also weaken as the global outlook develops.
The Australian Dollar closed slightly higher on Friday afternoon as investors dumped the Euro on speculation that a rescue for Greece’s troubled economy might be imminent.
Analysts believe that if the Reserve Bank of Australia (RBA) increases the cash rate to 5 percent by the end of the year, the economy would ‘grind to a standstill’.
Currently the cash rate is at 4.25 per cent, after the RBA increased the rate by a quarter of a percentage point last week Tuesday. According to Clifford Bennett, Chief of Herston Economics, ‘the only thing that is going to be impacted by higher rates is struggling Australian families.’
AUD/USD 0.9275
AUD/GBP 0.6069
AUD/EUR 0.6947
AUD/JPY 86.78
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