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Aussie dollar hits 27-year high

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Published on: Thursday, October 14, 2010

Overnight, the Aussie dollar continues to climb, hitting a 27-year high of US99.34 cents, the highest point since the currency floated in 1983.

On the markets, the Dow rose by 75.68, or 0.69 per cent, to 11096.08, the Nasdaq gained 23.31 points, or 0.96 per cent, to 2441.23, and the S&P 500 climbed 8.33 points, or 0.71 per cent, to 1178.23.

On Wall Street, as the Federal Reserve members appear prepared to launch a new round of monetary easing, earnings reports surprised on the high side to bolster investor confidence.

Shares in tech giant Apple jumped 0.54 per cent to break through the US$300 mark at US$300.14.

Google also rose, up 0.35 per cent to US$543.30.

Shares in CSX climbed 4.19 per cent to US$59.66 as the railway reported strong results on Tuesday – from sales of $2.29 billion the year earlier, sales for the most recent quarter were up $2.7 billion.

Intel stocks slipped 2.68 per cent to $19.24, but forecast strong fourth-quarter sales. The first major to post its third-quarter results, Intel reported sales rose to $11.1 billion, against $9.389 billion a year earlier.

Chevron slipped 0.2 per cent to US$83.67 and, according to its interim business update, expects earnings to come in lower than second-quarter results thanks to the weakening US dollar and weaker upstream and downstream performance.

Oil prices climbed for the third straight day, and was last at $US83.2 a barrel, up 1.92 per cent.

The US dollar weakened on expectations of the central banks monetary easing.

And the Mortgage Bankers Association reported mortgage applications for home refinancing loans rose for the first time in six weeks, as homeowners continue to take advantage of low interest rates. 

Gold was last at US$1373.2, and the Aussie dollar buying US$98.99, and 70.91 euro cents.


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