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The Australian dollar rose to a fresh 17-year high on Thursday after domestic jobs growth surged above expectations for a second straight month, fuelling talk the central bank might raise interest rates in the near term.
Shortly after the May jobs report was released financial markets priced a 44 percent probability the Reserve Bank of Australia (RBA) would lift rates to 6.50 percent next month, Credit Suisse said. That risk was only 24 percent on Wednesday.
The local currency jumped to $0.8475, matching its August 1990 peak. The Aussie also rose to an 18-month high of 0.6275 euro and a 15-year peak of 102.77 yen. On a trade-weighted basis, the Aussie dollar reached its highest level in more than 20 years, ABN Amro analysts said.
ABN Amro currency strategist Greg Gibbs said the Aussie was likely to grind higher and there was every chance RBA Governor Glenn Stevens could signal, there was a more immediate risk of higher official rates here.

Copyright Reuters, 2007

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