Australian Dollar Hits 23-Year High Against US

The Australian dollar reached its strongest level against the US dollar in nearly a quarter of a century on Monday, some commentators predicting it could reach parity in the coming months.

The Aussie jumped by more than one US cent, passing through the 90 US cent barrier to reach $0.9033 in trading in Asia, before ending the session in Sydney at $0.9016, its highest level in 23 years.

Yesterday's rise marks an extraordinary run for the Aussie, which dipped to $0.77 in August on subprime fears. It also hit a 10-year high against sterling yesterday, ending at 44.17p in local trading. The rise was spurred by last week's positive US jobs data, which have dimmed fears of a US recession and strong local equity markets.

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