Bloomberg.com: Australia & New Zealand
The dollar has been going down a lot and you already know that. One currency that has been very strong against the US dollar has been the Aussie.
On Wednesday morning the Reserve Bank of Australia raised its overnight rate to 5.75% from 5.5%. It was the first hike in many months for the RBA and came as a bit of a surprise to the market.
Predictably the Aussie's reaction was to trade higher. It moved up by about a half a penny.
There may be more to come.
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1 comments:
The Canadian $ rose even faster than the Auusie one overnight and that may or may not cause problems for US investors holding Canadian equities or US firms doing good business north of the border. Derek DeCloet of Toronto's Globe & Mail had a column on page B15 this morning titled: Loony Logic gets boost from the 90 cent dollar. DeCloet's basic point is that not all equities are reacting in the same manner in the light of the quick rise in the valuation of the Canadian dollar that is expected to keep going until it reaches parity withe the US greenback before the close of the year. He gives examples and offers nuanced advice worthy of this column.
Cephas
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