Australian dollar finally back above 77 US cents
If you’ve been putting off a trip to the USA due to the Australian dollar’s poor performance, it might finally be time to book those flights – we’re back above 77 US cents at last (77.08, to be exact).
The Aussie dollar has been given a big boost after the Government auctioned off a record $1.1 billion of 11-year bonds, not to mention a high level of demand for the 2.75 per cent coupon.
In fact, Chief Economist of Deutsche Bank, Adam Boyton, told News Corp he believes we may be on our way to hitting the 80 cent mark for the first time since May 2015. “Instead of being driven by a weaker domestic economy lowering imports, the current narrowing in the current account deficit is being driven by a surge in exports,” he said. “It also prompts the question of whether or not an export driven narrowing in the current account can tell us something about the likely direction of the AUD? Interestingly, it appears that it can.”
Related links:
Australia’s biggest bank accused of ripping off thousands of workers
You could be eligible for hundreds of dollars interest-free
How to find out which is the best credit card for you