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The Australian dollar has hit parity1 with the US dollar for the first time since the Australian currency was floated. The new post-float high comes after a rally over recent months that's been fueled by growing expectations the Federal Reserve will pump more cash into the US economy. That's been weakening the US dollar and sending the Australian dollar higher.
In a speech in Boston, Chair of the Federal Reserve, Ben Bernanke has given strength to some of those expectations. He made strong hints of possible further action by the central bank to stimulate2 the economy. He acknowledged it's growing less vigorously than he'd like, and he said the recovery in the labor3 market is painfully slow, and there would appear to be a case for further action.
"Despite these challenges, the Federal Reserve remains4 committed to pursuing policies that promote our dual5 objectives of maximum employment and price stability." Ben Bernanke.
Into the market numbers now. In the US, the Dow Jones has fallen about 40 points. In Europe, the FT, uh, the FTSE 100 is also down. Back home, and Australian shares ended the session low yesterday. The ASX200 was also down. On the commodities market, gold is down, and the Australian dollar is currently buying almost 99 US cents and around 62 pence.
1 parity | |
n.平价,等价,比价,对等 | |
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2 stimulate | |
vt.刺激,使兴奋;激励,使…振奋 | |
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3 labor | |
n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦 | |
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4 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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5 dual | |
adj.双的;二重的,二元的 | |
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