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ANALYSIS - AUSTRALIAN DOLLAR MAY CLIMB TO 80 US CENTS.
SYDNEY, Jan 1 Asia Pulse - Analysts have forecast that the Australian dollar's meteoric rise should peak in 2004, and that it may climb as high as 80 US cents.
The same factors that pushed the currency a whopping 33 per cent higher in 2003 will remain in place for at least the first half of 2004.
Rising commodity prices in an improving global economy and comparatively high interest rates in Australia compared to most of the rest of the world were at the heart of the Australian dollar's gains in 2003.
As was the weakening US dollar.
And with no change expected on any of those fronts in the months ahead experts say the local unit is left with only one way to go - and that's further up.
All the major Australian banks are now forecasting the Australian dollar to reach 80 US cents by the middle of 2004.
That would represent an increase of 68 per cent since its all-time low of 47.75 US cents just three years ago in April 2001.
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Source: HighBeam Research, ANALYSIS - AUSTRALIAN DOLLAR MAY CLIMB TO 80 US CENTS.