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| Dollar touches post-1983 high | |
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| Tweet Topic Started: Feb 15 2009, 12:35 PM (75 Views) | |
| Warren | Feb 15 2009, 12:35 PM Post #1 |
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Dollar touches post-1983 high May 22, 2008 07:49am Article from: AAP THE dollar opened firmer today after US central bank forecasts of slower American growth pushed the currency to its highest level since it was floated in December 1983. At 7am AEST, the dollar was trading at $US0.9622/28, up from yesterday's close of 0.9592/96. Overnight, the local unit traded between $US0.9580 and a post-float high of 0.9654 touched at 4.08am AEST. That level is just higher than the dollar's previous post-float high of $US0.9653 reached on March 16, 1984. The dollar touched its historic high soon after the US Federal Reserve released the minutes of its April 30 meeting, which voted to cut interest rates by 25 basis points to two per cent. The minutes said US economic growth would be "much weaker in 2008 than last year" because of housing activity contraction, rising energy prices and tighter credit conditions. It also said the unemployment rate would "increase significantly". Westpac senior currency strategist Richard Franulovich said the dollar clocked its post-float high, but only for a split second, after the US Fed minutes hurt an already-battered US dollar. "It's been a case of broad US-dollar falls," Mr Franulovich said from New York. The commodities-driven dollar had gained a boost as crude oil prices hit a record $US133 a barrel and gold prices climbed to $US928.60 an ounce. In Germany, Europe's biggest economy, the Ifo Institute said business confidence had improved in May, which in turn boosted the euro and helped keep the US dollar under pressure. "That whole mix has helped lend the Aussie some support," Mr Franulovich said. Mr Franulovich said the dollar was likely to come under pressure during today's local session as weaker share market performances dampened risk appetite for high-yielding currencies. "To be honest with you, it's getting a little extended," he said, adding that the currency would move between $US0.9600 and 0.9645. The Dow Jones industrial average finished 1.77 per cent lower at 12,601.19 points. |
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6:22 AM Jul 12