The Australian dollar rose today, rallying to the highest price in almost two weeks against the US dollar, as commodities gained and increased appeal of growth-related currencies to Forex traders.
The Leading Index of Melbourne Institute showed the annual growth of 0.1 percent in June. That’s not a bad result, compared to the 0.1 percent decline in the month before, but far below the long-term trend of 2.8 percent. The Wage Price Index rose 0.9 percent in the second quarter of 2011 after increasing 0.8 percent in the previous three months. The Thomson Reuters/Jefferies CRB index gained as much as 1.3 percent.
The Aussie gained about 0.4 percent against the greenback today. Earlier it reached $1.0601, the strongest level since August 4. The Australian currency lost some of its gains since, but still remains strong.
AUD/USD rallied from 1.0482 to 1.0538 today as of 21:48 GMT. EUR/AUD fell from 1.3737 to 1.3684 after reaching the daily low of 1.3646. AUD/JPY advanced from 80.50 to 80.72.
Australia Dollar Receives Help from Commodities
The Leading Index of Melbourne Institute showed the annual growth of 0.1 percent in June. That’s not a bad result, compared to the 0.1 percent decline in the month before, but far below the long-term trend of 2.8 percent. The Wage Price Index rose 0.9 percent in the second quarter of 2011 after increasing 0.8 percent in the previous three months. The Thomson Reuters/Jefferies CRB index gained as much as 1.3 percent.
The Aussie gained about 0.4 percent against the greenback today. Earlier it reached $1.0601, the strongest level since August 4. The Australian currency lost some of its gains since, but still remains strong.
AUD/USD rallied from 1.0482 to 1.0538 today as of 21:48 GMT. EUR/AUD fell from 1.3737 to 1.3684 after reaching the daily low of 1.3646. AUD/JPY advanced from 80.50 to 80.72.
Australia Dollar Receives Help from Commodities