Australian dollar G10 choice
(8 March 2010 – Australia) A Citigroup currency strategist has said that the Australian dollar may well be the G10’s currency of choice in 2010, The Australian newspaper reported.
The Australian dollar has surged back from below US87c this year to back above US90c, as the local economy continues to grow stronger and the RBA continues to increase rates.
The Australian dollar is forecast to level with the United State’s dollar before the end of this year.
Citigroup’s currency strategist said that from a technical perspective the dollar was showing good resistance between US93.30c and US94.10c, suggesting it might be forming a platform before another move higher, The Australian newspaper reported.
A break above here would strongly validate this bullish view and suggest the potential to retest the July 2008 highs around US98.50c, if not head towards parity, the currency strategists added.
The Australian dollar is forecast to level with the United State’s dollar before the end of this year.
Citigroup’s currency strategist said that from a technical perspective the dollar was showing good resistance between US93.30c and US94.10c, suggesting it might be forming a platform before another move higher, The Australian newspaper reported.
A break above here would strongly validate this bullish view and suggest the potential to retest the July 2008 highs around US98.50c, if not head towards parity, the currency strategists added.
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