The Australian dollar has hit a 29-year high against the US dollar on the back of fresh demand for the nation's commodities.
It rose as high as $1.0318 in trading on Wednesday, the highest since the currency was freely floated in 1983. Australia's high interest rates and low inflation have seen investors pump money into the country, while demand from China and India for its commodities has been steady. Meanwhile, demand for Australia's currency has also been boosted by strong recent GDP figures, with the nation's economy growing by 2.7% last year. Growing confidence that Australia, New Zealand and Japan will be able to rebuild following recent natural disasters could provide a boost to Australia in parti...
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