FOREX - AUSTRALIAN DOLLAR ENDS STRONGER - FEB 27, 2008
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SYDNEY, Feb 27, 2008 (AsiaPulse via COMTEX) -- The Australian dollar closed higher, taking advantage of some US dollar weakness to break through $US0.9300. At 1700 AEDT, the Australian dollar was trading at $US0.9361 63, up from yesterday's close of 0.9269/74.
During the day, the domestic currency traded between a low of $US0.9321 and a high of 0.9365, its firmest level since November 7 last year when the Australian dollar touched a 23-year high of 0.9399.
St George Bank foreign exchange trading manager Stuart Moore said most of the move came during the overnight offshore session.
"The Aussie locally has been very very quiet, between 93.20 and 93.50 (US cents)," Mr Moore said today.
"All the action was done from 4am this morning (AEDT) until about 9am."
US dollar fell across a range of currencies, with the euro posting record high of $US1.5046 this morning (AEDT).
Local figures today, which showed total construction work done in Australia fell 1.0 per cent in the December quarter in volume terms, seasonally adjusted, failed to move the Australian dollar.
Mr Moore said the Australian dollar had a strong offshore focus at the moment and could push towards $US0.9400 tonight, when US Federal Reserve chairman Ben Bernanke testifies before Congress in Washington.
The market will watch closely his thoughts on the US economy and, in particular, on interest rates ahead of the March 18 meeting of the Federal Open Market Committee (FOMC), Mr Moore said.
"Obviously their inflation is still going OK ... but with the credit problems the rate cuts are probably still on the agenda," Mr Moore said.
"The market will be looking for any indications of a rate move in March at the next FOMC."
Further proof of the parlous state of US housing market was expected from new home sales figures for January, with the market forecasting a 0.7 per cent fall to fewer than 600,000 annual sales.
This article was originally published by AAP
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