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2004
Rate Rise Likely As $a Hits 17-year High
Illawarra Mercury
Thursday June 7, 2007
THE Australian dollar has ended almost three-quarters of a US cent higher, after stronger than expected economic growth data powered the currency to a 17-year high.
The currency reached its highest level since August 1990 after it was revealed the economy had grown in the March quarter at its fastest pace in more than three years. Traders now rate the chance of a rate rise by August at 55 per cent, up from 30 per cent yesterday. The prospect of a rate rise by November is seen as a 100 per cent chance, compared to 62 per cent at the close of trade on Tuesday.The Australian bond market closed weaker yesterday.
© 2007 Illawarra Mercury
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