22 Jul

Australian dollar potential

The Royal Bank of Scotland is predicting that the Australian dollar may climb to a new high this year with stable stock markets and falling volatility. The Australian currency is higher risk than most, and will pair well with investors looking to increase risk appetite. The increased sense of risk taking will most likely push the dollar to break to a new high for the year.

The Australian dollar fell 0.4% to 81.48 US cents, but reached a high this year of 82.63 US cents. The good news for the day is that Australian stocks climbed with the S&P/ASX 200 index rising for the seventh successive day, the highest since November 10.

Currency rates for the Australian dollar are currently exchanging at GBP0.4967 and EUR0.5738.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.