Can Australian Dollar Reach Parity With U.S. Dollar?

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The Australian dollar just keeps getting stronger.

With further rate cuts in the US and rate rises expected in Australia, it may not be long before the Australian dollar reaches parity with its US counterpart. “Anyone who likes the Canadian dollar for its resource-rich and balanced-budget economy should be embracing the Australian dollar for the same reasons and the additional prospect of rising interest rates, according to the bond market’s biggest international investors,” says Wes Goldman at Bloomberg.

Even after the so-called Aussie reached a 23-year high against the US dollar last week, investors say the rally is unstoppable amid record exports and unprecedented prices for coal and iron ore. The currency is getting an additional boost from the Reserve Bank of Australia, which shows no inclination to relax a monetary policy focused on curbing inflation.

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