Aussie up on G20 statements

09-07-2009 16:34

The Australian Dollar reaches the strongest levels this year as the Group of Twenty Finance Ministers and Central Bank Governors (G-20) confirmed that economic incentives will continue to stimulate the world economy, increasing the attractiveness of higher-return assets such as the Aussie.

G-20 statements

The end of last week’s trading session provided rather favorable circumstances for the Australian currency to rise, after the construction sector contracted less than estimated and employment in this industry increased for the first time within 12 months, helping the Aussie to post one of the best results as risk seeking investors returned to more-profitable options. The Kiwi, an informal term for the New Zealand Dollar, gained on the back of rising housing prices in the nation. The G-20 announcements implicated that additional measures will provide support for the global economy, prompting both the Australian and New Zealand Dollar, generating a bullish sentiment in commodities and equities that made the Australian Dollar even more lucrative.

Aussie up

At the start of this week the Aussie was stimulated by both domestic and international circumstances, on which the South Pacific currency traded in almost the strongest level in 2009, while currency specialists believe that it could continue its rise. The G-20 economic incentives will probably raise confidence in trading markets, attracting investors to more profitable options such as the Australian Dollar.