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SYDNEY: The Australian dollar returned to parity with the US dollar on Monday, defying analyst expectations who feared for the Aussie currency after the Japan earthquake and nuclear crisis sapped confidence.

At 1700 (0600 GMT), the unit was trading at 1.001 US cents, up from 0.983 late Friday and back above parity for the first time since Tuesday.

Last week, the unit hit a four-month low of 97.09 as it was sold off on speculation that Japan may start to liquidate its assets to aid rebuilding efforts.

"It's back to normal as markets are focusing on what Libya means for oil prices, with commodity-linked currencies getting a lift," said one Sydney-based forex trader, referring to ongoing UN-backed air strikes against Libyan strongman Moamer Kadhafi.

Commonwealth Bank of Australia strategist Joseph Capurso said offshore events would continue to be the main driver for the Aussie dollar.

"We expect currency markets to be less volatile than last week," he said.

In Sydney, share prices closed up 0.35 percent, as banking, uranium and gold stocks led the way, analysts said. The benchmark S&P/ASX200 index ended the day up 16.4 points at 4,642.8.

"There's not a lot of conviction either way," Cameron Securities client adviser Adrian Leppinus told Australian news agency AAP, saying that investors were cautious due to fighting in Libya and Japan's nuclear crisis.

"Gold and uranium seem to be the big winners."

 

Copyright AFP (Agence France-Presse), 2011 

 

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