The Australian Dollar has seen recent gains against a basket of currencies, including sharp rises against GBP and the EUR. The AUD hit a 30 year high against sterling back in February but has since, perhaps unsurprisingly, started to fall away from that loft position. Last week GBP/AUD rates were above 1.60, over 14 cents away from this high and provided many with some of the best buying opportunities of the past six months.
Australia’s economic prosperity and ultimately the strength of its currency has been interlinked with China’s emergence as the world’s second largest economy and their reliance on Australia’s raw materials. Australia can also boast the strongest economic growth in the first quarter of 2012 and this, along with the on-going fiscal problems in Europe and the fact the UK is back in recession, is why the AUD has seen recent gains.
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