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The Australian dollar is nearing parity1 with the greenback. It's currently buying about 98.1 US cents, but it reached 99.14 overnight, its highest level since the currency was floated back in December 1983. Westpac says it could overtake the greenback by Christmas and CommSec says it could happen tonight.
"It could occur in hours rather than weeks or a month. In 11:30 Sydney time or air time tonight, the US employment figures will be released. Now if they are decidedly weak, that US dollar may fall against all major currencies. As a result, the Aussie dollar might get catapulted again above 99 cents and perhaps track as high as parity."
The local share market finished the day in the red, weighed down by the stronger dollar. The All Ords lost six points, the ASX 200 fell 10. Retailers2 led the losses. Harvey Norman fell nearly four per cent. JB HiFi fell more than four after it was downgraded by Credit Suisse to underperform. The banks were also lower. The Commonwealth3 Bank was the worst of the big four, closing down three quarters of a percent. Fortescue Metals though bucked4 the trend, putting on five per cent.
Asian markets were mixed. Japan's Nikkei lost half a percent. Encouraging US employment news failed to boost investor5 confidence in the US overnight and loses among mining stocks sent the British share market down a third of a percent.
1 parity | |
n.平价,等价,比价,对等 | |
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2 retailers | |
零售商,零售店( retailer的名词复数 ) | |
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3 commonwealth | |
n.共和国,联邦,共同体 | |
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4 bucked | |
adj.快v.(马等)猛然弓背跃起( buck的过去式和过去分词 );抵制;猛然震荡;马等尥起后蹄跳跃 | |
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5 investor | |
n.投资者,投资人 | |
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