Aussie Dollar Trades Near U.S. Parity

January 31st, 2011
in News, Banking

Kangaroo-4 Bloomberg:  Australia’s dollar traded within half a U.S. cent of parity after the central bank said it will look through the impact on prices and economic growth after floods devastated parts of the country.

Governor Glenn Stevens left the benchmark unchanged and signaled inflation was likely to remain within its 2 percent to 3 percent target range over the year ahead. New Zealand’s dollar snapped two days of losses against the yen after a government report showed wages increased in the fourth quarter by more than economists forecast.

Follow up:

“The RBA is not in any immediate hurry to change rates in either direction,” said Greg Gibbs, a currency strategist at Royal Bank of Scotland Group Plc in Sydney. “The Aussie is going to struggle to make too much headway from here and there’s always that risk of having a correction in the Aussie.”

Australia’s dollar traded at 99.88 U.S. cents as of 2:51 p.m. in Sydney from $1.0002 before the decision and 99.74 cents in New York yesterday.  Read more at Bloomberg.....

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