Business Services Industry
Local dollar up US1.2c on pessimism over US economy.
Australasian Business Intelligence, July, 2003
Jul 24, 2003 (The Sydney Morning Herald - ABIX via COMTEX)
The Australian dollar rose sharply on 24 July 2003. The currency closed at $US0.6637, up from $US0.6517 previously, as the US currency sank in response to further pessimism over the US economy. The US Federal Reserve governor, Ben Bernanke, said US interest rates should be cut to zero if it is deemed necessary to support the economy. If this were to happen, the interest rate differential between Australia and the US would widen even further and offshore investors would move into Australian assets because of their higher yields. Australia's official interest rates are currently 4.75. This compares with just one per cent in the US. This differential is expected to continue to support the Australian...
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