The Australian dollar strengthened against its major rivals on Tuesday morning in Asia. The aussie climbed to a 4-day high of 0.9277 against the US dollar and 85.99 against the Japanese yen around 9:30 pm ET Monday from Monday’s New York session closing values of 0.9241 and 85.39, respectively. On the upside, the aussie may find target levels at 0.9340 against the buck and 86.22 versus the yen.
The aussie also rose to a 4-day high of 1.4547 against the euro and 1.3073 against the NZ dollar at this time and this may be compared to yesterday’s closing quotes of 1.4607 and 1.3002, respectively. The next upside target levels for the Australian currency is likely to be seen at 1.3130 against the kiwi and 1.4490 versus the euro.
The Australian dollar also jumped to a 4-day high of 0.9407 against the Canadian dollar from Monday’s New York session close of 0.9376. The aussie-loonie pair is presently worth 0.9399 with 0.9420 seen as the next target level.
Members of the Reserve Bank of Australia’s Monetary Policy Committee felt this month that a rate increase was warranted, in light of an improving domestic and world economy that pointed to returning interest rates “to more normal levels.”
Minutes of the RBA’s April 6 meeting were released today in Sydney. At the meeting, the cash rate was raised by 0.25 percent to 4.25 percent.