Corporate foreign exchange news

Aussie rallies once again in global forex trading

Monday, 20 September 2010 09:28:43 GMT

Published by Mark Smith-Halvorsen
The Australian dollar was rallying in global forex trading this morning (September 20th), supported by hawkish statements from Reserve Bank of Australia (RBA) governor Glenn Stevens.
Although the central bank voted to keep interest rates on hold this month, there is growing speculation that hikes could begin again as early as October.
Data compiled by Bloomberg shows analysts forecasting a 29 per cent chance of a rate hike next month, with the country's mining boom expected to put pressure on the RBA to act.
Sue Trinh, a Hong Kong-based senior currency strategist at Royal Bank of Canada, commented: "The market is responding to the line that governor Stevens thinks growth will increase to something above trend. The Aussie should remain underpinned at least till the end of the month."
The Aussie has been the top-performing currency in the second quarter of the year, climbing some 12 per cent June on a better global growth outlook.
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