Australian Dollar Soaring High

The Australian dollar is soaring high, with the AUD/USD cross rate reaching a high of 94.94 US cents just after midnight Sydney time, topping the two year record achieved on Friday of 94.69 US cents. In the past three years, the Australian dollar had averaged at 84.6 US cents. The Australian dollar hasn’t seen these price levels since it reached a 24 year record in 2008.

Australian Dollar Currency Influences Reporting Season

Currency fluctuations will influence the earnings reports and hence the upcoming company reporting season in Australia.

Aussie Dollar 24 Year Record High

The Aussie dollar hit a 24-year high this morning against the US dollar greenback. At 7am local Sydney time, the Australian dollar was trading at $US0.9565, up more than one US cent from Friday's close of 0.9434. This means imports like electronics and other products from overseas are cheaper. The Australian dollar has more buying power overseas so it is a perfect time to travel or buy up foreign currency, especially the US Dollar.

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