AUS $ Traded Highly Against Yen
Market Research Company Asia Pulse released today (December 5, 2005) that the Australian Dollar was being traded against the Japanese Yen by Sydney traders due to the higher yield expected from the said transaction.
The Asia Pulse said, in an article posted at Yahoo! Finance, that Australia’s current official cash rate of 5.50 per cent came out of the cross rate trading at 90.35/43.
"The Aussie dollar remains well bid, while the Yen still suffers against the US dollar, which has driven the Aussie/Yen higher…at levels not seen for quite a while…not since May 1997," Asia Pulse’s article on Yahoo! Finance emphasized.
Another factor contributing to this yield include firmer commodity prices such as gold at US$500 an ounce. However, despite the Aussie dollar’s increase, currency markets worldwide will remain unaffected since this will only affect an increase in Australia’s GDP, Asia Pulse reported.
So far, the Aussie dollar’s growth has shown a relative increase in the local economy there as inventories for the quarter ended September have already gained by 0.3% along with company profits by 3.9%.
(Source: Australian Dollar Higher To Noon-Dec. 5, 2005, Yahoo! Finance)
The Asia Pulse said, in an article posted at Yahoo! Finance, that Australia’s current official cash rate of 5.50 per cent came out of the cross rate trading at 90.35/43.
"The Aussie dollar remains well bid, while the Yen still suffers against the US dollar, which has driven the Aussie/Yen higher…at levels not seen for quite a while…not since May 1997," Asia Pulse’s article on Yahoo! Finance emphasized.
Another factor contributing to this yield include firmer commodity prices such as gold at US$500 an ounce. However, despite the Aussie dollar’s increase, currency markets worldwide will remain unaffected since this will only affect an increase in Australia’s GDP, Asia Pulse reported.
So far, the Aussie dollar’s growth has shown a relative increase in the local economy there as inventories for the quarter ended September have already gained by 0.3% along with company profits by 3.9%.
(Source: Australian Dollar Higher To Noon-Dec. 5, 2005, Yahoo! Finance)
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