Posted on March 28, 2011 by Trading Point Investment Research Desk at 9:10 am GMT
The commodity dependant Australian Dollar grew to its highest level in 29 years against the US Dollar, as the higher risk appetite, the higher commodity prices, the positive economic data from the US the previous week and the buy demand for the currency for insurance purposes to rebuilt the flooded region of Queensland, skyrocketed the Aussie to a new multi year high of 1.0331 at 08:00 GMT, in a rally of more than 0.5% on the day, breaking the barrier of 1.0300 for first time in the history. More gains for the AU Dollar against the US Dollar are seen ahead, as the positive flows seem to surge. The AUDUSD pair currently is trading at 1.0304, remaining in sight of the fresh peak.
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