Business Services Industry
US rate bet pummels Aussie.
Australasian Business Intelligence, June, 2005
Jun 29, 2005 (The Australian Financial Review - ABIX via COMTEX)
Confidence in the stability of the US economy has been blamed for a decline in the Australian dollar. The $A dropped to $US0.7627 on 29 June 2005 on speculation that the US Federal Reserve will lift official interest rates on 1 July 2005. Robert Rennie of Westpac Bank believes that a dampening in the demand for $A bonds is also a looming danger for the local currency. Australian interest rates are unlikely to increase for some time, which gives the greenback yet another advantage over its Australian counterpart. Some analysts believe the rise of the US dollar is not sustainable.
Publication Date: 30 June 2005
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