While the British pound has been one of the best currencies to sell this week, the Australian dollar has been one of the best currencies to buy.
The currency hit a 3 month high against the US dollar today as the market continues to absorb the Reserve Bank of Australia’s surprisingly hawkish monetary policy. The Canadian dollar on the other hand rebounded thanks to stronger economic data and higher oil prices. Both leading indicators and Canada’s international securities transactions beat expectations while oil futures hit an intraday high above $101 a barrel. We continue to be bullish Australian dollars and expect it to test its year to date highs against the US dollar.