Australian Dollar Surges to 10-Year High

March 23, 2007 - The rally of the Australian wool market on Thursday was considered remarkable as the Australian dollar (AU$) continued to trade at 10-year highs against the American dollar, reported The Wool Record Weekly. Early Wednesday, the AU$ was trading at 80.35 U.S. cents.

More than 67,000 bales are scheduled for sale in Melbourne next week, the highest offering of the season. The size of rosterings is rapidly overtaking exchange rates as the main influence on price movements, within the context of solid demand from downstream customers and a squeeze on raw-material supplies, continued The Wool Record Weekly.

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