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The AUD-USD touched 0.9653 overnight, the highest against the USD since 1983 – a 25-year high! The USD fell across the board on renewed concerns about the health of the US economy – this was the primary catalyst behind the AUD move. The minutes from the US Federal Reserves 29-30 April policy meeting revealed the Fed had cut its US economy growth forecast for 2008 and signaled increased concerns about US inflation – hence, no further US interest rate cuts are likely. The AUD was also supported by a surge in Commodity Prices – Gold hit 1-month high of USD$933.80, Oil hit a new record high of USD$134.10 per barrel. |
