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The Aussie dollar and Newcastle Exporters

Posted by Genx on November 20th, 2009

THE Australian dollar’s astronomical run is threatening to put a brake on the economic recovery, with many of Newcastle’s exporters, especially mining companies fearing further rises.

Every time the dollar increases in value against the US dollar and other major currencies, Australian exports become more expensive for customers and less competitive in global markets.

Once known as the Aussie battler, the dollar has risen over 50 per cent in the past year from lows of US60c, and is heading towards parity with the greenback.

Driving the gains are the wide interest rate differential from Australia to the rest of the world, the general decline in the value of the US dollar and the strength of commodity prices, because about 70 per cent of Australia’s exports are commodity-related.

In economics this is called the resources curse — you have a strong currency because of demand for your resources, but that makes it harder for businesses to compete globally.

 Enjoy this article by Mark Dutton, Chief Investment Officer – Australia & NZ, AXA Read the rest of this entry »

Posted under: National News | Newcastle News   |   1 Comment »
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