Australian Dollar is still charging towards Parity with the
US Dollar and its highest level since the currency was
floated. The Australian Dollar closed at 96.54 against the
US dollar. Westpac Institutional Bank economist Robert
Rennie said further rises now appeared "inevitable", and
"this will pave the way for a move to parity over coming
months". Commonwealth Securities economist Craig James said
the Aussie - which has increased 10 per cent in value this
year - was enjoying "a perfect mix". "We had expected the
Aussie to consolidate near US94c for a while, but all of a
sudden it is at US96c and parity is no longer a distant
prospect," he said.
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