The Australian dollar surged after the report showed that that the export and import prices rose in the first quarter of 2011, signaling that the economic recovery gains momentum.
The Australian export prices surged 5.2 in the three month through March this year. The import prices rose 1.4 percent, following the drop by 3.8 percent in the previous quarter. The expected growth of the import prices was 0.8 percent.
The MSCI World Index of stocks climbed as much as 1.9 percent. The Thomson Reuters/Jefferies CRB Index of raw materials added 1.3 percent. It’s amazing to see how quickly markets recovered from fears caused by Europe’s sovereign-debt problems and again turned their attention to commodities and growth-related currencies.
AUD/USD traded at 1.0729 today as of 00:54 GMT after it jumped on the yesterday’s session from 1.0524 to 1.0712. EUR/AUD traded near 1.3566 after yesterday’s decline from 1.3615 to 1.3551 and AUD/JPY traded at about 88.32 after it jumped from 86.89 to 88.43.
If you want to comment on the Australian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.
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