The Australian dollar has surged - again - soaring to a record overnight as buyers snapped up the currency.
The dollar hit 103.38 US cents at at 3.25am eastern daylight time as it gained strength against its US counterpart. As recently as May 2010, the dollar was worth 81.58 US cents. Since then, it has risen a staggering 26.7 per cent.
If strong retail sales or building approvals numbers are released by the Australian Bureau of Statistics at 11.30am the Aussie could test the 104-US-cent level, Mr Schlossberg said.
"As concerns over geo-political problems in Japan and Libya begin to ease and risk sentiment improves currency investors have once again become interested in (the) Aussie's G7-leading 4.5 per cent yield," said New York-based Boris Schlossberg, director of currency research at GFT.
http://www.theage.com.au/business/markets/dollars-record-run-goes-on-20110331-1cgmh.html