Forex

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.

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.

Petrol prices are tipped to return to $1.30 a litre as the Australian dollar loses value as a result of the rising US interest rates. The Aussie has LOST about 3 cents in a little over a fortnight. Watch out for all imported goods to rise too... on the flip side exporters are celebrating, particularly those in the mining sector. Oil is currently around $66 a barrel, it was around $58 a barrel just a few weeks ago.

At 7am (AEDT), the Aussie dollar was trading at US75.02¢ slightly below Friday's close of US75.19¢. And since Friday, it hit a low of US74.90¢ and a high of US75.45¢. Aussie dollar continues to trade within a tight range.

The US dollar fell in value as a result of a much weaker Gross Domestic Product (GDP) expansion rate of 1.1% annual rate as investors expected more. And so the US dollar was sold off. The the next figures to be received by the market was better than expected Personal Consumption Expenditures (PCE) component.

The Australian dollar opened firmer on today following a fall in the US currency on weaker data and renewed Euro strength.

At 7am (AEDT), the local unit was trading at US75.49¢, above Friday's close of US75.13¢. At noon it is hovering around the US75.70¢ mark.

The Australian dollar opened slightly higher on Tuesday as the local unit continued to climb against a sagging US currency.

At 7am (AEDT), the local unit was trading at US75.44¢, higher than Monday's close of US75.33¢. During overnight trade, it reached a low of US75.04¢ and a high of US75.44¢.

The Australian dollar opened more than half a US cent stronger on Thursday after its US counterpart succumbed to further selling overnight. At 7am (AEDT), the local unit was trading at US74.77¢, well above Wednesday's close of US74.19¢.

Overnight, it reached a low of US73.98¢ and a high of US74.85¢.

ICAP head of economics and strategy Michael Thomas said the US currency had suffered its largest two-day fall in five years and that the Australian dollar was "just going along for the ride."

The Australian dollar (AUD) has opened stronger hitting a seven month high; US currency falls on weaker than expected GDP

At 7am (AEDT), the local unit was trading at US74.09¢, above Tuesday's close of US73.77¢. Overnight it reached a low of US73.39¢ and a high of US74.11¢.

Westpac's senior currency strategist in New York, Richard Franulovich, said the Australian dollar pushed higher overnight as the US dollar fell across the board.

A weaker than expected US manufacturing report drove the initial move lower in the US currency.

The Australian dollar opened weaker on Friday as negative sentiment from the New Zealand unit spilled over into local currency trade.

At 7am (AEDT), the local currency was trading at US73.12¢, below Thursday's close of US73.27¢.

During overnight trade, it hit a high of US73.34¢ and a low of US73.01¢.

National Australia Bank currency strategist John Kyriakopoulos said the local currency failed to cash in on a weaker US dollar, which fell against the major currencies.