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21/04/26 23:12:30

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Subject: At 11:30am AEDT the dollar was trading at around 99.60 US cents. Author: ABC news Thursday October 14th 2010=Dollar 'could hit parity by tomorrow' [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 13/10/10 18:47:43 Dollar 'could hit parity by tomorrow' Updated 15 minutes ago The Australian dollar is expected to reach parity with the US dollar by early November (ABC News: Giulio Saggin, file photo) Related Story: Strong dollar double edged sword for tourism Related Story: Consumer confidence bounces back The Australian dollar hit a new post-float high of 99.71 US cents this morning as analysts said they expected it could hit parity within the next 24 hours. The dollar hit its new record after the release of better-than-expected consumer inflation expectations data from Westpac and the Melbourne Institute. Currency analysts say the Australian dollar is expected to reach parity with the US dollar by early November, but would not be surprised if it happens in the next 24 hours. And they say the Reserve Bank of Australia (RBA) may move to slow the rise of the Australian dollar once it breaks the $US1 barrier. Senior Westpac currency analyst Sean Callow says traders will be closely watching a speech tomorrow by US Federal Reserve chairman Ben Bernanke. "He may drop some pretty clear hints on what the Fed has in store and if that is seen as sufficiently bearish for the US dollar then perhaps that would be the catalyst for the Australian dollar to finally break through parity." H3 Global Advisors director Mathew Kaleel says the RBA may be forced to intervene in currency markets when export strength starts to be hit. At 11:30am AEDT the dollar was trading at around 99.60 US cents. Tags: business-economics-and-finance, economic-trends, finance-markets, currency-markets, australia First posted 20 minutes ago [ Next Thread | Previous Thread | Next Message | Previous Message ]