Australian Dollar (FXA) Hits Fresh Historic Highs

The Australian Dollar (AUD) rallied today against most of its major counterparts as commodities, gold and copper in particular, kept soaring with gold hitting a fresh all time high at 1500 an ounce. Upbeat corporate earnings from around the globe also lifted the risk appetite, boosted higher yielding currencies along the way. The Aussie was especially impressive against the struggling US Dollar, hitting a fresh post float high at 1.0695, and the bias remains strongly for more gains, with the 1.07 level in touching distance. Last time the AUD/USD currency pair was at this level almost 29 years ago, in May of 1982, when the Aussie was not even freely floating yet. The Australian currency moved strongly higher against the Japanese Yen (JPY) and Euro (EUR) also, as the AUD/JPY soared from 87 all the way to 88.40s and the EUR/AUD fell from 1.3635 to 1.3575.