The Australian currency is trading near the highest levels in 2009 after the Group of 20 most influential countries in the world affirmed that stimulus will remain to rescue the global economy, attracting investors to
The end of last week was very supportive for the Aussie to climb as the construction industry shrank at a lower pace and also jobs rose in the same sector for the first time in more than a year, helping the Australian currency to have one of the best performances as risk appetite brought investors back to higher yielding currencies. The New Zealand dollar also climbed as house prices in the country continued to rise, and both South Pacific currencies benefited from the G-20 statements indicating that further measures will stimulate the world economy, creating a bullish pattern in stocks and commodities that increased attractiveness for the Aussie even more.
Both international and domestic scenario favored the Australian dollar in the beginning of this week, helping the currency to reach almost the highest level this year, and it may climb further according to analysts. The economic stimulus provided by the G-20 is likely to increase confidence in trading markets, raising risk appetite and consequently favoring the Aussie.
AUD/USD traded at 0.8553 as of 10:41 GMT from a previous rate of 0.8521 yesterday when markets opened.
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