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Aussie dlr breaks to 1-mth high, metals add lustre

By Staff
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SYDNEY, Apr 18 (Reuters) The Australian dollar hit a one-month high, spurred on by rising prices for key metals exports and as the U.S. dollar fell broadly, under pressure from steep oil prices amid fears about Iran's nuclear ambitions. The Aussie dollar traded a SYDNEY, Apr 18 (Reuters) The Australian dollar hit a one-month high, spurred on by rising prices for key metals exports and as the U.S. dollar fell broadly, under pressure from steep oil prices amid fears about Iran's nuclear ambitions. The Aussie dollar traded a $0.7367-$0.7408 range as local trade resumed on Tuesday following the Easter long weekend, building on Monday's offshore break higher through significant resistance at $0.7350.

Oil topped $70 a barrel, threatening the U.S. growth outlook and weighing on the U.S. dollar, while gold hit a fresh 25-year high above $618 an ounce. Industrial metals also rallied in Asia amid a wave of buying by investment funds.

''The Aussie dollar has received a big boost from negative sentiment towards the U.S. dollar and also the continued surge in gold and metals prices,'' said Besa Deda, currency strategist at Commonwealth Bank.

''$0.7420 is the first barrier the Aussie needs to crack, before making a reach for $0.7500,'' she said.

By 4 p.m. (0600 GMT) one Aussie bought $0.7392/94, pegged back after a test of the March 15 peak at $0.7411.

Still, it retained an upward bias as attention also turned to the minutes of the Federal Reserve's March meeting, due later on Tuesday, for clues on whether U.S. interest rates will have peaked with May's expected rate rise.

''The risk is that the minutes will provide further grounds for expecting an imminent end to the Fed tightening cycle,'' said Ashley Davies, currency strategist at UBS.

''Also, higher oil prices and no end in sight for geopolitical tensions surrounding Iran's nuclear policies will constrain the U.S. dollar,'' Davies said.

The Aussie also hit a one-month high versus the yen , breaking above 87 yen on renewed yield appeal, now that markets have priced in the risk of a rise in Australia's 5.5 percent cash rate in the months or quarters ahead.

Bill futures sold off earlier this month after a run of strong economic data forced the market to price in the risk of a rate rise from the Reserve Bank of Australia (RBA). The cash rate has been unchanged since March 2005.

''With commodity prices up strongly, and with the likelihood of the resources boom persisting for many months to come, it is hard to see Australia escaping without the need for higher interest rates,'' said Stephen Roberts, director of research at Grange Securities.

The RBA has a slight bias towards higher rates, but market views could hinge on first-quarter inflation figures due on April 26. However, before then, U.S. inflation data due on Wednesday could reshape expectations for further Fed tightening.

REUTERS PV SND1434 .7367- SYDNEY, Apr 18 (Reuters) The Australian dollar hit a one-month high, spurred on by rising prices for key metals exports and as the U.S. dollar fell broadly, under pressure from steep oil prices amid fears about Iran's nuclear ambitions. The Aussie dollar traded a $0.7367-$0.7408 range as local trade resumed on Tuesday following the Easter long weekend, building on Monday's offshore break higher through significant resistance at $0.7350.

Oil topped $70 a barrel, threatening the U.S. growth outlook and weighing on the U.S. dollar, while gold hit a fresh 25-year high above $618 an ounce. Industrial metals also rallied in Asia amid a wave of buying by investment funds.

''The Aussie dollar has received a big boost from negative sentiment towards the U.S. dollar and also the continued surge in gold and metals prices,'' said Besa Deda, currency strategist at Commonwealth Bank.

''$0.7420 is the first barrier the Aussie needs to crack, before making a reach for $0.7500,'' she said.

By 4 p.m. (0600 GMT) one Aussie bought $0.7392/94, pegged back after a test of the March 15 peak at $0.7411.

Still, it retained an upward bias as attention also turned to the minutes of the Federal Reserve's March meeting, due later on Tuesday, for clues on whether U.S. interest rates will have peaked with May's expected rate rise.

''The risk is that the minutes will provide further grounds for expecting an imminent end to the Fed tightening cycle,'' said Ashley Davies, currency strategist at UBS.

''Also, higher oil prices and no end in sight for geopolitical tensions surrounding Iran's nuclear policies will constrain the U.S. dollar,'' Davies said.

The Aussie also hit a one-month high versus the yen , breaking above 87 yen on renewed yield appeal, now that markets have priced in the risk of a rise in Australia's 5.5 percent cash rate in the months or quarters ahead.

Bill futures sold off earlier this month after a run of strong economic data forced the market to price in the risk of a rate rise from the Reserve Bank of Australia (RBA). The cash rate has been unchanged since March 2005.

''With commodity prices up strongly, and with the likelihood of the resources boom persisting for many months to come, it is hard to see Australia escaping without the need for higher interest rates,'' said Stephen Roberts, director of research at Grange Securities.

The RBA has a slight bias towards higher rates, but market views could hinge on first-quarter inflation figures due on April 26. However, before then, U.S. inflation data due on Wednesday could reshape expectations for further Fed tightening.

REUTERS PV SND1434 .7408 range as local trade resumed on Tuesday following the Easter long weekend, building on Monday's offshore break higher through significant resistance at SYDNEY, Apr 18 (Reuters) The Australian dollar hit a one-month high, spurred on by rising prices for key metals exports and as the U.S. dollar fell broadly, under pressure from steep oil prices amid fears about Iran's nuclear ambitions. The Aussie dollar traded a $0.7367-$0.7408 range as local trade resumed on Tuesday following the Easter long weekend, building on Monday's offshore break higher through significant resistance at $0.7350.

Oil topped $70 a barrel, threatening the U.S. growth outlook and weighing on the U.S. dollar, while gold hit a fresh 25-year high above $618 an ounce. Industrial metals also rallied in Asia amid a wave of buying by investment funds.

''The Aussie dollar has received a big boost from negative sentiment towards the U.S. dollar and also the continued surge in gold and metals prices,'' said Besa Deda, currency strategist at Commonwealth Bank.

''$0.7420 is the first barrier the Aussie needs to crack, before making a reach for $0.7500,'' she said.

By 4 p.m. (0600 GMT) one Aussie bought $0.7392/94, pegged back after a test of the March 15 peak at $0.7411.

Still, it retained an upward bias as attention also turned to the minutes of the Federal Reserve's March meeting, due later on Tuesday, for clues on whether U.S. interest rates will have peaked with May's expected rate rise.

''The risk is that the minutes will provide further grounds for expecting an imminent end to the Fed tightening cycle,'' said Ashley Davies, currency strategist at UBS.

''Also, higher oil prices and no end in sight for geopolitical tensions surrounding Iran's nuclear policies will constrain the U.S. dollar,'' Davies said.

The Aussie also hit a one-month high versus the yen , breaking above 87 yen on renewed yield appeal, now that markets have priced in the risk of a rise in Australia's 5.5 percent cash rate in the months or quarters ahead.

Bill futures sold off earlier this month after a run of strong economic data forced the market to price in the risk of a rate rise from the Reserve Bank of Australia (RBA). The cash rate has been unchanged since March 2005.

''With commodity prices up strongly, and with the likelihood of the resources boom persisting for many months to come, it is hard to see Australia escaping without the need for higher interest rates,'' said Stephen Roberts, director of research at Grange Securities.

The RBA has a slight bias towards higher rates, but market views could hinge on first-quarter inflation figures due on April 26. However, before then, U.S. inflation data due on Wednesday could reshape expectations for further Fed tightening.

REUTERS PV SND1434 .7350.

Oil topped a barrel, threatening the U.S. growth outlook and weighing on the U.S. dollar, while gold hit a fresh 25-year high above 8 an ounce. Industrial metals also rallied in Asia amid a wave of buying by investment funds.

''The Aussie dollar has received a big boost from negative sentiment towards the U.S. dollar and also the continued surge in gold and metals prices,'' said Besa Deda, currency strategist at Commonwealth Bank.

'' SYDNEY, Apr 18 (Reuters) The Australian dollar hit a one-month high, spurred on by rising prices for key metals exports and as the U.S. dollar fell broadly, under pressure from steep oil prices amid fears about Iran's nuclear ambitions. The Aussie dollar traded a $0.7367-$0.7408 range as local trade resumed on Tuesday following the Easter long weekend, building on Monday's offshore break higher through significant resistance at $0.7350.

Oil topped $70 a barrel, threatening the U.S. growth outlook and weighing on the U.S. dollar, while gold hit a fresh 25-year high above $618 an ounce. Industrial metals also rallied in Asia amid a wave of buying by investment funds.

''The Aussie dollar has received a big boost from negative sentiment towards the U.S. dollar and also the continued surge in gold and metals prices,'' said Besa Deda, currency strategist at Commonwealth Bank.

''$0.7420 is the first barrier the Aussie needs to crack, before making a reach for $0.7500,'' she said.

By 4 p.m. (0600 GMT) one Aussie bought $0.7392/94, pegged back after a test of the March 15 peak at $0.7411.

Still, it retained an upward bias as attention also turned to the minutes of the Federal Reserve's March meeting, due later on Tuesday, for clues on whether U.S. interest rates will have peaked with May's expected rate rise.

''The risk is that the minutes will provide further grounds for expecting an imminent end to the Fed tightening cycle,'' said Ashley Davies, currency strategist at UBS.

''Also, higher oil prices and no end in sight for geopolitical tensions surrounding Iran's nuclear policies will constrain the U.S. dollar,'' Davies said.

The Aussie also hit a one-month high versus the yen , breaking above 87 yen on renewed yield appeal, now that markets have priced in the risk of a rise in Australia's 5.5 percent cash rate in the months or quarters ahead.

Bill futures sold off earlier this month after a run of strong economic data forced the market to price in the risk of a rate rise from the Reserve Bank of Australia (RBA). The cash rate has been unchanged since March 2005.

''With commodity prices up strongly, and with the likelihood of the resources boom persisting for many months to come, it is hard to see Australia escaping without the need for higher interest rates,'' said Stephen Roberts, director of research at Grange Securities.

The RBA has a slight bias towards higher rates, but market views could hinge on first-quarter inflation figures due on April 26. However, before then, U.S. inflation data due on Wednesday could reshape expectations for further Fed tightening.

REUTERS PV SND1434 .7420 is the first barrier the Aussie needs to crack, before making a reach for SYDNEY, Apr 18 (Reuters) The Australian dollar hit a one-month high, spurred on by rising prices for key metals exports and as the U.S. dollar fell broadly, under pressure from steep oil prices amid fears about Iran's nuclear ambitions. The Aussie dollar traded a $0.7367-$0.7408 range as local trade resumed on Tuesday following the Easter long weekend, building on Monday's offshore break higher through significant resistance at $0.7350.

Oil topped $70 a barrel, threatening the U.S. growth outlook and weighing on the U.S. dollar, while gold hit a fresh 25-year high above $618 an ounce. Industrial metals also rallied in Asia amid a wave of buying by investment funds.

''The Aussie dollar has received a big boost from negative sentiment towards the U.S. dollar and also the continued surge in gold and metals prices,'' said Besa Deda, currency strategist at Commonwealth Bank.

''$0.7420 is the first barrier the Aussie needs to crack, before making a reach for $0.7500,'' she said.

By 4 p.m. (0600 GMT) one Aussie bought $0.7392/94, pegged back after a test of the March 15 peak at $0.7411.

Still, it retained an upward bias as attention also turned to the minutes of the Federal Reserve's March meeting, due later on Tuesday, for clues on whether U.S. interest rates will have peaked with May's expected rate rise.

''The risk is that the minutes will provide further grounds for expecting an imminent end to the Fed tightening cycle,'' said Ashley Davies, currency strategist at UBS.

''Also, higher oil prices and no end in sight for geopolitical tensions surrounding Iran's nuclear policies will constrain the U.S. dollar,'' Davies said.

The Aussie also hit a one-month high versus the yen , breaking above 87 yen on renewed yield appeal, now that markets have priced in the risk of a rise in Australia's 5.5 percent cash rate in the months or quarters ahead.

Bill futures sold off earlier this month after a run of strong economic data forced the market to price in the risk of a rate rise from the Reserve Bank of Australia (RBA). The cash rate has been unchanged since March 2005.

''With commodity prices up strongly, and with the likelihood of the resources boom persisting for many months to come, it is hard to see Australia escaping without the need for higher interest rates,'' said Stephen Roberts, director of research at Grange Securities.

The RBA has a slight bias towards higher rates, but market views could hinge on first-quarter inflation figures due on April 26. However, before then, U.S. inflation data due on Wednesday could reshape expectations for further Fed tightening.

REUTERS PV SND1434 .7500,'' she said.

By 4 p.m. (0600 GMT) one Aussie bought SYDNEY, Apr 18 (Reuters) The Australian dollar hit a one-month high, spurred on by rising prices for key metals exports and as the U.S. dollar fell broadly, under pressure from steep oil prices amid fears about Iran's nuclear ambitions. The Aussie dollar traded a $0.7367-$0.7408 range as local trade resumed on Tuesday following the Easter long weekend, building on Monday's offshore break higher through significant resistance at $0.7350.

Oil topped $70 a barrel, threatening the U.S. growth outlook and weighing on the U.S. dollar, while gold hit a fresh 25-year high above $618 an ounce. Industrial metals also rallied in Asia amid a wave of buying by investment funds.

''The Aussie dollar has received a big boost from negative sentiment towards the U.S. dollar and also the continued surge in gold and metals prices,'' said Besa Deda, currency strategist at Commonwealth Bank.

''$0.7420 is the first barrier the Aussie needs to crack, before making a reach for $0.7500,'' she said.

By 4 p.m. (0600 GMT) one Aussie bought $0.7392/94, pegged back after a test of the March 15 peak at $0.7411.

Still, it retained an upward bias as attention also turned to the minutes of the Federal Reserve's March meeting, due later on Tuesday, for clues on whether U.S. interest rates will have peaked with May's expected rate rise.

''The risk is that the minutes will provide further grounds for expecting an imminent end to the Fed tightening cycle,'' said Ashley Davies, currency strategist at UBS.

''Also, higher oil prices and no end in sight for geopolitical tensions surrounding Iran's nuclear policies will constrain the U.S. dollar,'' Davies said.

The Aussie also hit a one-month high versus the yen , breaking above 87 yen on renewed yield appeal, now that markets have priced in the risk of a rise in Australia's 5.5 percent cash rate in the months or quarters ahead.

Bill futures sold off earlier this month after a run of strong economic data forced the market to price in the risk of a rate rise from the Reserve Bank of Australia (RBA). The cash rate has been unchanged since March 2005.

''With commodity prices up strongly, and with the likelihood of the resources boom persisting for many months to come, it is hard to see Australia escaping without the need for higher interest rates,'' said Stephen Roberts, director of research at Grange Securities.

The RBA has a slight bias towards higher rates, but market views could hinge on first-quarter inflation figures due on April 26. However, before then, U.S. inflation data due on Wednesday could reshape expectations for further Fed tightening.

REUTERS PV SND1434 .7392/94, pegged back after a test of the March 15 peak at SYDNEY, Apr 18 (Reuters) The Australian dollar hit a one-month high, spurred on by rising prices for key metals exports and as the U.S. dollar fell broadly, under pressure from steep oil prices amid fears about Iran's nuclear ambitions. The Aussie dollar traded a $0.7367-$0.7408 range as local trade resumed on Tuesday following the Easter long weekend, building on Monday's offshore break higher through significant resistance at $0.7350.

Oil topped $70 a barrel, threatening the U.S. growth outlook and weighing on the U.S. dollar, while gold hit a fresh 25-year high above $618 an ounce. Industrial metals also rallied in Asia amid a wave of buying by investment funds.

''The Aussie dollar has received a big boost from negative sentiment towards the U.S. dollar and also the continued surge in gold and metals prices,'' said Besa Deda, currency strategist at Commonwealth Bank.

''$0.7420 is the first barrier the Aussie needs to crack, before making a reach for $0.7500,'' she said.

By 4 p.m. (0600 GMT) one Aussie bought $0.7392/94, pegged back after a test of the March 15 peak at $0.7411.

Still, it retained an upward bias as attention also turned to the minutes of the Federal Reserve's March meeting, due later on Tuesday, for clues on whether U.S. interest rates will have peaked with May's expected rate rise.

''The risk is that the minutes will provide further grounds for expecting an imminent end to the Fed tightening cycle,'' said Ashley Davies, currency strategist at UBS.

''Also, higher oil prices and no end in sight for geopolitical tensions surrounding Iran's nuclear policies will constrain the U.S. dollar,'' Davies said.

The Aussie also hit a one-month high versus the yen , breaking above 87 yen on renewed yield appeal, now that markets have priced in the risk of a rise in Australia's 5.5 percent cash rate in the months or quarters ahead.

Bill futures sold off earlier this month after a run of strong economic data forced the market to price in the risk of a rate rise from the Reserve Bank of Australia (RBA). The cash rate has been unchanged since March 2005.

''With commodity prices up strongly, and with the likelihood of the resources boom persisting for many months to come, it is hard to see Australia escaping without the need for higher interest rates,'' said Stephen Roberts, director of research at Grange Securities.

The RBA has a slight bias towards higher rates, but market views could hinge on first-quarter inflation figures due on April 26. However, before then, U.S. inflation data due on Wednesday could reshape expectations for further Fed tightening.

REUTERS PV SND1434 .7411.

Still, it retained an upward bias as attention also turned to the minutes of the Federal Reserve's March meeting, due later on Tuesday, for clues on whether U.S. interest rates will have peaked with May's expected rate rise.

''The risk is that the minutes will provide further grounds for expecting an imminent end to the Fed tightening cycle,'' said Ashley Davies, currency strategist at UBS.

''Also, higher oil prices and no end in sight for geopolitical tensions surrounding Iran's nuclear policies will constrain the U.S. dollar,'' Davies said.

The Aussie also hit a one-month high versus the yen , breaking above 87 yen on renewed yield appeal, now that markets have priced in the risk of a rise in Australia's 5.5 percent cash rate in the months or quarters ahead.

Bill futures sold off earlier this month after a run of strong economic data forced the market to price in the risk of a rate rise from the Reserve Bank of Australia (RBA). The cash rate has been unchanged since March 2005.

''With commodity prices up strongly, and with the likelihood of the resources boom persisting for many months to come, it is hard to see Australia escaping without the need for higher interest rates,'' said Stephen Roberts, director of research at Grange Securities.

The RBA has a slight bias towards higher rates, but market views could hinge on first-quarter inflation figures due on April 26. However, before then, U.S. inflation data due on Wednesday could reshape expectations for further Fed tightening.

REUTERS PV SND1434

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