| Live rates at 2008.05.20 23:14:36 UTC |
100.00 AUD | = | 130.779 SGD |
| Australia Dollars | | Singapore Dollars |
| 1 AUD = 1.30779 SGD | | 1 SGD = 0.764648 AUD |
AUSSIE DOLLAR TRADES NEAR 24-YEAR HIGH AS KIWI DOLLAR FALLS
The Australian dollar has traded near a 24-year high on speculation that
policy makers will keep interest rates at a 12-year high.
This is the signal widely taken from the minutes of the Australian central
bank's last meeting, which were released yesterday.
The central bank recently raised rates to 7.25 per cent to cool inflation,
which has been accelerating at the fastest pace in 17 years.
"The Reserve Bank of Australia is unlikely to backpedal from their
tightening bias while domestic inflation remains well above their 2 per
cent to 3 per cent target," said Mr Richard Grace, chief currency
strategist at the Commonwealth Bank of Australia in Sydney. "This week's
RBA minutes are likely to provide a slightly hawkish tone and be
supportive of the Australian dollar."
The Australian dollar is the world's best-performing currency against the
United States dollar this year.
Meanwhile, the New Zealand dollar has begun falling from its peak. A new
industry survey showed consumers are the most pessimistic about the
outlook for house prices in 12 years, backing the case for the nation's
central bank to cut borrowing costs from a record.
TOTO $5M ANNIVERSARY DRAW
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