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Staff Reporter
The Australian dollar may soon reach parity with the greenback, if the latest trends are anything to go by.
The dollar reached its highest level since the currency was floated in December 1983, soaring to 99.29 US cents over night – eclipsing the 99.18 it reached last Thursday.
The Australian dollar was higher as local consumer sentiment improved after the US Federal Reserve indicated that quantitative easing measures would be adopted soon.
Westpac chief currency strategist Robert Rennie said he expects the Aussie dollar to not only hit parity but sail towards $US1.02 by year's end.
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