Market News
April 29, 2013 @ 8:46 pm

Australian dollar rises against broadly weaker US dollar

The Australian dollar edged up against a broadly weaker US dollar on Monday and risk appetite was up, giving a boost to commodities.

The aussie is commodity-linked currency, and with Australia being a major gold producer, today’s rise in gold prices helped lift the AUD.

AUDUSD climbed to $1.0325, from $1.0287. Support was seen at $1.0250.

However some analysts believe that there is room for losses in the aussie. If the Reserve Bank of Australia keeps cutting interest rates and the Australian mining boom is over then AUD can go back down to $1.1500 or so, where it has not been since 2008.

The Aussie is on track to show a 1.2 percent decline this month, having swung from a three-month peak of $1.0500 to a six-week low of $1.0221.

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