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Aussie Dollar Up On Renewed Dubai Optimism

Written By Trading Forex News on Tuesday, December 15, 2009 | 8:16 AM


After trading near $0.90 in the end of the last week as the U.S. dollar rose against its Australian counterpart, the Aussie, pushed by renewed risk appetite, managed to climb significantly not only versus the greenback but also lower-yielding currencies.

The attractiveness for high-yielding currencies in the Pacific region rose today after Abu Dhabi central bank affirmed that it will provide a sum of $10 billion to its brother emirate Dubai to pays its debts partially, cooling down concerns that a financial chaos caused by a delay on debt payments in the Gulf region could affect optimism in markets globally. The Australian dollar managed to pare some of its losses versus the greenback which is benefiting from speculations suggesting that the Federal Reserve will increase interest rates sooner than expected as a series of positive reports has been published in North America last week.

Despite the Aussie’s decline last week, it still remains as one of the most attractive currencies in foreign-exchange markets, and analysts explain this based on the fact that interest rates hikes are already a reality in Australia, while just a speculative trend in most of the wealthy nations around the world.

AUD/USD traded at 0.9138 as of 13:04 GMT from a previous rate of 0.9065 twelve hours ago. AUD/JPY remained stable from its opening price yesterday at 80.89.

bytopforenew.com
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