AUD reaches record
Currency rates for the Australian and New Zealand dollars have reached a one-year high against the US dollar and surged to over a decade highs against the pound. This is following positive US inflation and retail sales figures which have confirmed the US is on the road to recovery, and a global rally in equity markets.
The combination of low interest rates and improved economic data is boosting market confidence at present, as central banks are relieved to see slack in the economy that will help with tightening interest rates in future. The Australian dollar rose as high as 87.70 cents against the US dollar after an OECD report has stated that government action in Australia is helped keep unemployment low.
Currency rates for the Australian dollar are currently trading at USD0.8729 and GBP0.5278.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.