The Australian dollar moved higher vis-Ã -vis the U.S. dollar today as the Aussie tested offers around the US$ 0.9305 level and was supported around the $0.9165 level. The pair retraced some of yesterdayâ€™s losses incurred as traders reduced exposure to higher-yielding currencies. Minutes from Reserve Bank of Australiaâ€™s policy deliberations suggest the central bank may have tightened monetary policy sufficiently since mid-2007 to counter rising inflation. Australian dollar bids are cited around the US$ 0.9120 level. The New Zealand dollar gained ground vis-Ã -vis the U.S. dollar as the kiwi tested offers around the US$ 0.8100 figure and was supported around the $0.7975 level. Finance minister Cullen today said it is possible New Zealand may encounter a recession on account of international financial woes. New Zealand dollar bids are cited around the US$ 0.7895 level.
Join the Discussion