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Aussie Dollar reaches nine month high

Aussie Dollar reaches nine month high

The Australian dollar today reached a nine month high of 77 US cents. This is mainly attributed to the strengthening global equity markets and commodity prices. Last night crude oil rose 3%, iron ore reached $US60 per tonne and gold realized its highest quarterly gain in three decades.

Indeed, following a business survey, NAB said yesterday that there is “strong evidence that the Australian business environment has not only weathered global uncertainties, but appears to have strengthened.”

Credit: The Australian Business Review

Credit: The Australian Business Review

Although the rise in the dollar is not entirely thanks to anything Australia has done, it’s still a good sign for those looking to travel soon.

However, it seems that Australians are pessimistic about the rise. The latest Index of Consumer Sentiment has shown a 4% fall in consumer confidence. It is speculated that this is due to the effect a higher Australian dollar will have on exports, as well as the 9.2% slump in the “time to buy a house” index.


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