Australian Dollar Hits 23 Year High
8 October 2007
The Australian dollar has surged to a 23 year high against the American Greenback trading at U.S. 90.22 cents, the highest mark it has traded at since June 1984.
Some experts believe that the Australian dollar will continue to gain strength thanks to record exports and the skyrocketing prices for coal and iron ore.
The strength of the Australian dollar has seen renewed interest from overseas investors who are keen to cash in on the high yielding interest returns available with Australian bonds.
Two-year bonds in Australia are now yielding a 6.59 percent interest return while their US counterparts are 2.5 percent lower.
With Australia's economy expected to remain strong, the 2.5 percent difference in two-year bonds is forecast to grow.
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