Australian dollar hits 2 month high

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The Australian dollar has continued it’s strength in late trading today still buoyed by the latest release of GDP figures which some say is a sign that the economy is turning around.

At 7.15pm (GMT) the Aussie dollar was trading at US72.91c up form US71.73c in yesterday’s trade.

The currency is now trading at it’s highest level in over 2 months and is approaching a critical resistance level of around US73.05c which was reached on December 28th last year.

As long as the iron ore price remains above US$50 a tonne the Aussie dollar might find some support but many are now questioning how long the rally in the commodity can last, and that a sharp pull back is on the horizon which will ultimately drag down the Australian dollar.

All eyes will now be on tomorrows Caixin China services PMI index due early in the Asian session which may shed some light on the state of the Chinese economy and is bound to create some volatility in the Australian dollar as China is Australia’s largest trading partner.

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