The Australian dollar showed the second day of growth against the U.S. dollar and the Japanese yen today as the traders feel a growing confidence in the Australian economy after the much-needed stimulus package has been adopted there.
The strategists from Commonwealth Bank of Australia recommend buying the Aussie against the dollar, the euro and the yen, stating that it will rise by about 10-15 percent compared to the current levels. Another reason that is marked as a positive sign for the Australian currency is the possible recovery of the global economy.
The currency thats trading near its 20-year lows against the U.S. dollar may prove to be a nice investment when the markets will start to grow, reacting on the vast amounts of liquidity poured into the banks by the global monetary authorities. When the asset markets will return to the bullish rallies, such currencies as the Australian dollar should get a considerable boost.
AUD/USD rose from 0.6385 to 0.6431 as of 7:53 GMT today. AUD/JPY advanced from 59.77 to 60.12, while AUD/NZD rose from 1.2496 to 1.2558; EUR/UAD went down from 1.9649 to 1.9564 today.
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