04 Apr '11, 1am

Unstoppable Aussie dollar shows no sign of dipping

SYDNEY: Floods, cyclones, earthquakes, nuclear crisis and revolt in the Middle East have been unable to slow the Australian dollar's record-breaking ascent. Known among traders as the "Aussie", the commodities-linked currency surged to new highs against the greenback last week, touching $1.0389 in late trade on Friday. It dipped briefly to around 97 US cents after a devastating 9.0-magnitude quake and tsunami triggered a nuclear emergency in Japan, but the speed and scale of its recovery has stunned the market. "It's been a very startling rise. The scope of it has surprised a lot of us," said Westpac currency strategist Sean Callow. Flood and cyclone disasters in northern Australia were expected to bring billions in foreign insurance payouts into the market, increasing demand for the Aussie and driving up its value, said Callow. Experience in neighbouring New Zealand showe...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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