Australian Dollar (FXA) Hits Record Highs

The Australian Dollar (AUD) soared to a 29 year high against the US Dollar (USD) while moving significantly higher across the board against most of its other major counterparts on renewed optimism over global economic recovery, higher commodity prices and overall risk appetite for higher yielding currencies. Better global growth would mean higher demand for Australian vast resources, as commodity exports are the essential part of its economy, and more capital inflows to the country, because of the higher interest rates than in most of the other developed countries. The Australian currency's most impressive achievement today was the new high it recorded against its American counterpart, as the AUD/USD hit 1.0335, a level last seen in June of 1982. And considering that the Aussie was first floated only in 1983, it makes it an all time high to some extent. The Australian Dollar (AUD) pushed significantly higher against the Japanese Yen (JPY) also, gaining around 100 pips, as the AUD/JPY jumped from 84.70s to 85.77.