The Australian dollar finished above 90 cents today, the highest it has been for almost a month, driven by renewed confidence in the strong housing and business sector. The Reserve Bank announced that interest rates are to be placed on hold a week ago.
The Australian dollar finished at US 90.03 cents as of 5pm and it traded as high as US 90.16 cents. Economists point to the strength of the housing sector as well as the RBA’s decision to keep the interest rates at bay as a factor in economic growth. Australian business confidence was up in January, the first time it posted a positive result in over 4 months.
Read more about this on the Australian website.