Aussie Dollar Tops 80c
Monday June 1, 2009
As winter approaches, the Aussie dollar is warming up with a rise of 1.14% on the afternoon of June 1st 2009 against the US dollar that is trading at 0.8086 cents. The gains see the first time the Australian dollar has reached above the US80c mark in eight months, and it followed from gains on Wall St on Friday and broad gains over the ASX today.
In the US, both equities and commodities gained despite a looming GM bankruptcy and other stock market fears. The Australian stock market followed suit and experienced broad gains over a number of sectors, including mining giants BHP and Rio Tinto. The gains are attributed to continued strength in base metals.
Both gold and oil prices were also attributed to further bolster the market with both Woodside Petroleum and Lihir recording share price increases, and again, this follows a positive lead from the US on further signs of economic recovery and oil prices coming in at $US66 dollars per barrel - a seven month high.
Finally, Aussie banks took back some ground after recent drops, including the Commonwealth bank that added $1.02 to its share price giving a total of $36.16. ANZ posted gains of $0.29, NAB lifted $0.50 to $22.52 and Westpac nudged slightly ahead $0.07, but the real big mover was Macquarie with a gain of $3.74.
The healthy day on the Australian stock market defied downturn reports from the Australian Bureau of Statistics that state company profits have fallen again in the first quarter of 2009, which could indicate Australia's first technical recession in 20 years.
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