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Aussie dollar heads for 70 US cents and beyond

Horeca

The Australian dollar reached 69.20 US cents overnight, a near six-year high against the greenback.It was the local unit’s best performance since January 1998, driven by continuing falls in the US dollar against its rivals.At 0800 AEST this morning the Aussie had eased to 69.03 US cents, compared with its previous local close of 68.72.

National Australia Bank’s head of market strategy, Greg McKenna, said the local currency continued to capitalise on the US dollar’s recent weakness across the board, which he said looked unlikely to change in the near future.

“Every single underlying fundamental for the Aussie points higher,” he said. “It’s hard to find a dark cloud.”

McKenna told AAP the Aussie was set to pierce 74-75 US cents in 2004 before running out of steam.

National Australia Bank’s head of market strategy, Greg McKenna, said the local currency continued to capitalise on the US dollar’s recent weakness across the board, which he said looked unlikely to change in the near future.

“Every single underlying fundamental for the Aussie points higher,” he said. “It’s hard to find a dark cloud.”

McKenna told AAP the Aussie was set to pierce 74-75 US cents in 2004 before running out of steam.

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