Friday, October 12, 2007

It's not just the Canadian Dollar that is hitting all time highs - the Aussie's dollar is skyrocketing too

THE Aussie dollar hit another 23-year high in overnight trade, briefly reaching 90.61 US cents at 2.57am AEST for the first time since June 1984.

The Australian share market closed at fresh peaks again yesterday, ignoring a largely negative lead from the US after global miners BHP Billiton and Rio Tinto and other resources stocks headed higher.

THE dollar hit another 23-year high in overnight trade, briefly reaching 90.61 US cents at 2.57am AEST for the first time since June 1984.

The dollar peaked at 90.61 US cents during the New York session, clearly breaching the high of 90.50 US cents set on June 12, 1984.

The highest New York close since the dollar was floated on December 8, 1983, was 96.68 US cents on March 14, 1984.

The local currency traded above 90.5 US cents for lengthy periods during the overnight session. It has since lost some steam, but it remains above the US 90 cents level.

At 6.34am, the dollar was at 90.07 US cents.

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A. Mark Argentino
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