The Australian dollar has been underpinned by stronger prices of copper – which hit an 11-month high this week – as currency traders shrug off a 10 per cent slump in iron ore.
Already a subscriber?Copper prices have become a bigger influence on the Australian dollar than iron ore because the base metal is increasingly viewed as an indicator of economic growth, particularly in China.
He noted that the Australian dollar had been more responsive to copper, even though Australia was not a big exporter of the metal. The Australian dollar, which is seen as a proxy of Chinese growth because of the countries’ strong trade links, is down nearly 3 per cent this year, partly due to unfavourable interest rate differentials between the United States and Australia.Australian government bonds historically offer more attractive terms than their US counterparts because they are less liquid. There are $US27 trillion of US Treasury bonds outstanding compared with the Commonwealth’s $921 billion.
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