Financial Times FT.com

US dollar sell-off helps lift Aussie

By Peter Garnham

Published: May 20 2008 03:00 | Last updated: May 20 2008 03:00

The Australian dollar rose to a 24-year high yesterday as rising commodity prices and a sell-off in the US dollar boosted the currency.

Analysts said growing appetite for risk in the past week had also supported the high-yielding Australian dollar. This has pushed investors back into carry trades, in which low-yielding currencies such as the yen are sold to finance the purchase of higher-yielding currencies like the Australian dollar.

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