The AUD begins the week just below its fresh highs near the 1.04 mark set late last week. The Aussie has been broadly supported by its significant interest rate yield advantage over other G10 currencies and increasing demand for Australia’s commodity exports.
With Japan, Australia’s second largest trading partner, expected to begin its largest rebuilding effort since WWII in the coming weeks, Australia is well positioned to benefit from the spike in demand for its coal and base metal exports used in heavy construction.
Investors will take note of an Australian employment report later this week, expected to show a robust addition of 24K jobs after last month’s disappointing 10K contraction.(www.ibtimes.com)