Aussie dollar jumps back
In positive news on the stock market, the Australian dollar has rebounded, with a six-month high of 73.20 US cents.
The Australian dollar has been on the decline since the global financial crisis hit home, but has rebounded in the past week, holding firm against the $US and the Japanese Yen.
Business conditions have also improved, with the latest Westpac-Melbourne Institute Index of Consumer Sentiment jumping by 8.3 percent in April, from 85.6 in March to 92.7.
Westpac Chief Economist, Bill Evans attributes the rise in consumer confidence to the Aussie dollar gaining ground, along with the anticipation of the Federal Government’s $900 stimulus payments.
“This month there has been more positive economic information. We have found that generally Australians respond positively to a rising Australian dollar.”
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