March 25 (Bloomberg) -- The Australian dollar advanced to its highest level since it began trading freely in 1983 as a gain in global stocks boosted demand for assets related to economic growth.For information, I have decided to take the other side of the trade of Tony Allen, and went short the AUD against the USD at 1.0251. I could be wrong of course, but that's why stop orders exists.
The Aussie had its biggest weekly rally since July against its U.S. counterpart [...]
“There’s low volatility, a stable VIX index and equities are doing well, so you have to be long on the highest-yielding currency you can find,” said Tony Allen, global head of foreign-exchange trading at Australia & New Zealand Banking Group Ltd. in Sydney. A long position is a bet an asset will gain in value.
Australia’s dollar appreciated 0.7 percent to $1.0288 at 12:12 p.m. in New York, from $1.0212 yesterday, after touching the record high of $1.0294. [...]
Update: stopped out. Will try again later.
March 28 (Bloomberg) -- The Australian dollar rose for a seventh day versus the U.S. currency in the longest stretch of advances this year as evidence of a global economic recovery spurred demand for higher-yielding currencies.
“In terms of the Australian dollar, investors prefer to look at the glass half full,” said Samarjit Shankar, a managing director of the foreign-exchange group in Boston at Bank of New York Mellon Corp., the world’s largest custodial bank, with more than $20 trillion in assets under administration. “Economic growth in general is not going to be derailed.”