Reserve Bank of Australia Governor Glenn Steven sent the Aussie Dollar to a 14 month high today with hawkish commentary that almost guaranteed a rate hike come November. Comments stating that the RBA “can’t be too timid” in regard to raising the key Australian interest rate helped to reinforce the RBA’s stance as a frontrunner of the G20 nations trying to shrug off the stench of the global credit crisis. AUD/USD took off from early session lows near 0.9145 on its trek to highs over the 0.9220 levels. Early 2009 lows close to 0.6250 have long been forgotten on the Aussie’s ride toward parity. AUD/JPY was able to post a 70 pip gain to just over 82.45 on the move. Full text »
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