FX Week

Aussie dollar going up Down Under

"There’s no reason why the Australian dollar can’t go to 80 [US] cents within the next three months," said Peter Clay, FX strategist at ABN Amro in Sydney. The Aussie appreciated 32% from US$0.57 in January 2003 to about US$0.75 at the end of the year.

"The main issue is the US dollar, and we expect the US unit to weaken over the course of this year," said Clay. "With that as a backdrop we have to expect further upside for the Aussie."

The weak US dollar is not the only source of Aussie

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