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Australian Dollar Hits 24 Year High, Canadian Dollar in Focus Next Week

Friday, 16 May 2008 21:22:46 GMT

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Written by Kathy Lien, Chief Strategist
The Australian dollar hit a 24 year high against the US dollar and a 1.5 year high against the New Zealand dollar. The currency’s surprising strength came from the $20 surge in gold prices and rumors that China could invest as much as $22 billion in a joint venture with an Australian fund to purchase a 9 percent stake in mining giant BHP Billiton. China’s thirst for commodities is no secret and acquisitions of commodity companies have been their preferred way of spending their $1.68 trillion of foreign exchange reserves. Next week, the Canadian dollar will be a big focus with consumer prices and retail sales due for release. There is no significant data from Australia or New Zealand. 
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