11 Oct 2010

Australian, US currencies almost at parity

7:30 am on 11 October 2010

The Australian dollar is close to parity with its American counterpart.

The last time the two countries' currencies were on a par was the early 1980s.

AMP Capital Investors chief economist and head of investment strategy Shane Oliver says while some exporters are suffering, a weak US dollar is needed to reboot a stuttering American economy, and bolster a muted global recovery.

He says the Australian dollar seems to have "got up a good head of steam" due to international factors such as talk of more monetary easing in the United States, and also a run of strong economic data within Australia.