Case in point: U.K. Chancellor George Osborne said the U.K. is ready to rebuild its foreign-exchange reserves with a range of high-quality assets, but wouldn't be replenishing gold reserves because of its very high price.
Even with the market on edge over Europe's debt problems, Japan's nuclear crisis following the massive earthquake and tsunami, and violent social strife in the Middle East and North Africa, the Australian dollar has been rising steadily, up 0.9% over the past month and up 2.2% over the past three months against its U.S. counterpart.
The CurrencyShares Australian Dollar Trust (FXA) was rising 0.3% to $102.79, the Index IQ Australia Small Cap ETF (KROO) was adding 0.8% to $29.44 and the iShares MSCI Australia Index Fund (EWA) was advancing 0.5% to $25.78 in afternoon trading.
>To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: email@example.com.
>> Pound Less Lucky Than Euro Against Buck
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV