Aussie on a 15-Month High
Friday, November 13th 2009, 06:20 GMT
The Aussie gained fresh upward momentum on ‘better than expected’ unemployment data alongside firm commodity prices. It touched a new 15-month high by briefly touching 0.9370, its highest point since late Aug-08. The pair (AUD/USD) posted an intraday high of 0.92820 and is currently trading at 0.92784, against the close of 0.92340 in yesterday’s trade.
The Australian economy has added 24,500 jobs in the month of October, despite consensus estimates which suggested that there would be a decline of about 10,000. As a result, another interest rate hike in the near future cannot be ruled out, providing some potential fresh bullish opportunities for the AUD.
The Aussie has been gaining since the past two weeks and the uptrend is likely to remain. Although the uptrend looks intact for the coming week, although some analysts suggests that the Aussie is overvalued by as much as 10%.
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