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Dollar hovers near 25-year highs
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Posted on
May 22 2008 7:31 AM
by
adeal
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The Australian dollar hovered near 25-year highs against a weak US dollar today, drawing strength from its hefty interest rate advantage and surging commodity prices.
But lingering risk aversion and the Aussie's sharp fall against the New Zealand dollar, after the government there unveiled an expansionary budget, stalled the local dollar's advance around $US0.9650. New Zealand Finance Minister Michael Cullen unveiled $11 billion in tax cuts to begin from October 1.
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