Australian Dollar continues to rise on commodities | Forex Trading
Submitted by Peter Fleming on Wed, 09/01/2008 - 8:11pm.
In Major Currencies | Australian Dollar | Economic Indicators | Market Reactions
The Australian Dollar has commenced forex trading higher, surpassing the 88 US cents barrier as support increased by rising commodity prices overnight. The commodities price rise were led by gold and copper which pressed the US Dollar lower against the Australian Dollar. ''We're still seeing an appetite by global investors to be buying commodities and commodities-based stocks as a way to defend themselves from other sectors such as financials,'' Mr Mozina said from New York today. Gold futures for February delivery were above 880 US Dollars an ounce on the New York Mercantile Exchange and oil started to head towards 100 US Dollars per barrel at 97 US Dollars.
In forex trading, the Australian Dollar traded at 88.07 US cents this morning from yesterday's close of 87.11 US cents. It also rose against the Japanese Yen
at 96.34 Yen from 95.79 Yen.
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