AUD/USD could be headed for parity in 2010

The Aussie continues to do well in currency trading on the FX market as its economy shows improvement. Employment data out of Australia is quite positive, and that is leading to some support for the Aussie.

Also helping the down under currency in forex trading is the fact that commodity prices are reasonably high, and China has been showing demand. All of this helps support the Aussie in currency trading, leading it to be the best economy in the G-20.

GFT's Boris Schlossberg reports in FX360 on the phenomenal performance of AUD/USD in forex trading:

At present, Australia is clearly the best performing economy in the G-20 universe as it continues to benefit from higher commodity prices and strong demand from China. The Aussie remains the poster child for the recovery trade with the pair taking out the .9300 level in early European dealing on assumption of further rate hikes by the RBA. If global growth approaches the 3.5% level this year as many analysts believe, the Aussie stands a good chance of reaching parity with the dollar as interest rate differentials will continue to attract capital into the currency throughout 2010.

Compare this to the eurozone, which is struggling as the Greek economy hampers recovery efforts, and as unemployment still remains high.

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