Australian dollar hits parity vs US dollar

NEW YORK, Oct 15 (BestGrowthStock) – The Australian dollar rose
above the $1 parity level to the U.S. dollar on Friday for the
first time since becoming a freely traded currency, extending a
bull run that appears well-entrenched due to Australia’s higher
rates and robust resource-driven growth.

Remarks from Federal Reserve Chairman Ben Bernanke on
Friday reinforcing market expectations for another round of
quantitative easing helped give the Australian dollar
(AUD=D4: ) a push to $1.0004, finally taking out the round
psychological level that analysts and market players have been
eyeing for months.

Charts suggest the Aussie could rise as high as $1.0236 in
coming weeks, the 161.8 percent Fibonacci projection level of
the currency’s fall between November 2009 and May 2010.

The Aussie dollar has been the strongest major currency
since Australia skirted through the global financial crisis
without falling into recession. In fact, its economy picked up
steam, and the currency has surged 66 percent since touching a
low of $0.6007 in October 2008.

Unlike other countries griping about excessive currency
strength against a sliding dollar, Australia’s central bank has
considered a stronger currency a natural outcome of the
country’s booming resources trade and a tool for fighting
inflation.
(Reporting by Reuters bureaux worldwide; Editing by Theodore
d’Afflisio)

Australian dollar hits parity vs US dollar