How Did the Australian Dollar Trade in 2008?

Tuesday, January 13, 2009

Back in July 2008, everyone was talking about how the Australian dollar could reach parity with the US dollar. At the time, the currency pair was trading at 0.9845 a 20 year high. However what rises quickly can also fall quickly because when commodity prices peaked in July the Australian dollar came crashing down.

The currency fell close to 40 percent against the US dollar to a 5 year low before finding support above 60 cents. The move was even more dramatic against the Japanese Yen. AUD/JPY traded as high as 104 this year before it dropped close to 50 percent to a record low. Despite the dramatic moves, the Australian dollar’s weakness was not universal. Since the beginning of the year, the currency actually strengthened marginally against the British pound and New Zealand dollars. Looking ahead, the sharp weakness of the Aussie dollar could help the country recover in 2009.

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