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Article: FOREX - AUSTRALIAN DOLLAR CLOSES HIGHER - MARCH 7, 2003.
- Article from:
- AsiaPulse News
- Article date:
- March 7, 2003
CopyrightCOPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, March 7 Asia Pulse - The Australian dollar soared to a three-year high at close thanks to a plunging US dollar.
A single remark from the US Treasury Secretary John Snow sent the US dollar plunging, pushing the revitalised local currency to levels not seen since March 2000.
Ignoring local economic data, the Australian dollar has moved inversely to the US dollar which continues to suffer from fears of war with Iraq.
The Australian dollar finished the week at 61.41 US cents, three quarters of a US cent above last week's close of 60.53.
"It has had no direction of its own," Westpac Bank sales trader Daniel Baird said of the local ...