The news over the past fortnight was centred on the US with the latest report by the National Bureau of Economic Research concluding that the United States recession, which was felt internationally, has ended and the recovery process officially began in June 2009. This sent world markets higher, with the US and Australian markets reaching 4 month highs. In other US news, Federal Reserve Chairman, Ben Bernanke, declared official interest rates would remain near zero for the foreseeable future, as the ecominic recovery in the US slows.
The Australian dollar is again threatening to reach parity with the US dollar, with the ‘Aussie’ recently reaching a peak of 97 US cents. This is excellent news for those of you looking forward to an overseas holiday, but less pleasing for international visitors to Australia. With the Australian dollar so high, good quality international stocks are looking relatively cheap.
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