PRESIDENT GEORGE W. BUSH Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : PRESIDENT GEORGE W. BUSH

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Kenneth E. Phillipps who wrote (519813)	1/5/2004 5:11:01 PM
From: Hope Praytochange	of 769670

:: Australian Dollar: The A$ opened at $US0.7681/86 compared with yesterday’s close of $US0.7633/38. Overnight the A$ hit fresh highs of $US0.7693 on the back of continued US$ weakness. Comments by US Federal Reserve governor Bernake implied that despite an improving economy, US interest rates would remain on hold for some time, which prompted further US$ selling in the search for higher yielding currencies. In trading yesterday the A$ gained over one US cent from its previous close to reach a high of $US 0.7642, a level not traded since mid 1997, underpinned by very strong base metals prices. The Australian share market closed weaker with yesterday’s surge in the A$ impacting stocks that have offshore earnings such as News Corp and a poor performing bank sector. The major banks lost ground following reports that Australian retail sales are expected to grow slightly in November, pointing to the possibility of another interest rate hike as early as February or March. ====The A$ was buoyed last week by further weakness in the US$ with currency movements accentuated in thin markets due to nervousness leading into the New Year with fears of terrorist attacks. The US$’s decline worsened in thin post New Year's trade, ending the week at new 11-year lows against the GBP at 1.7946 and a new 6-year low of 0.7590 against the A$. The euro also rose to a new all time high of 1.2636 against the US$. The A$ end the year on a strong note gaining 33% in 2003 against a beleaguered US$. The A$ rose 19 cents in 2003 from $US0.5600, putting in the strongest performance by any currency against the US$ in 18 years. Meanwhile, its trans-Tasman counterpart gained 25% against the US$ in 2003. US$ weakness, rising commodity prices in an improving global economy and comparatively high interest rates in Australia and New Zealand compared to most of the rest of the world underpinned these gains. After thin holiday trading conditions causing some erratic currency movements over the past week, markets will wait to see if the momentum of US$ selling will resume when volumes return to normal as traders return to work.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next