Australian trade minister Crean says the Aussie dollar reflects fundamentals. The higher AUD helps lower input prices, he says and the floating exchange rate makes the economy more competitive. Exporters have learned to adjust to AUD strength, the minister said.
AUD/USD is under some mild pressure ahead of the weekend. If it is unable to hold gains despite comments from the RBA chief touting 1.10 then perhaps the rally is a bit tired.
