It’s Great News For The Aussie Dollar

On Thursday afternoon, the Australian dollar made records after crashing through the 99 US cents mark and reaching its highest mark since 1983.

IRESS data reported that the record highs meant that the local unit reached an all time high of 99.00 US cents at 1843 AEDT. Before this, at the local 5pm close, the Australian dollar was trading at 96.36 US cents. It was also buying 70.7 euro cents, 62 pence and 81.6 yen.

The currency has not seen such highs since it was floated on foreign exchange markets in January of 1983 and was valued at 97.65 US cents.

It is thought by economists that the dollar was greatly fortified by positive government figures. The figures revealed a low and consistent unemployment rate at 5.1 per cent for the month of September. Employment data revealed a positive 49,500 new jobs that were created in just the month of September. This data surpassed any estimations of the forthcoming data.

Top economic experts are predicting that the dollar will reach parity with US dollar in the coming few months. The effects of the Australian dollar’s high means that travelling Australians jetting off on overseas holidays will benefit but economists warn that the effect on Australia’s own economy will be less desirable. They have estimated that local tourism and the exports industry may well suffer.

Explore posts in the same categories: Economy, Finance

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