Oct
7
2008

Australian Dollar Falls As Interest Rates Slashed

The Reserved Bank of Australia delivered some very welcome news today! They announced they are slashing their target rate by full 1%, when nearly every anlayst had expected it to be lowered by 0.5% only. The recent economic turmoil overseas and in Australia has been great news for me as I hold a fair bit of wealth in USD and back in July things were a little depressing when the exchange rate was near parity. The recent USD appreciation against the Australian dollar means that I can now get about A$1.40 for every US$1 I convert, which is obviously a great increase in equity!

About the Author: Andrew Ferguson

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