NY Times just reported that… Australia raised interest rates on Tuesday for the fourth time since October, in a widely anticipated move that showed that the central bank remains confident in the country’s rebound despite still-difficult international credit conditions and lingering concerns about the debt levels of several European countries.

The Reserve Bank of Australia raised its key cash rate by a quarter of a percentage point to 4 percent, taking the total amount of rate increases since Oct. 7 to 1 percentage point.

Many of our clients have diversified away from US dollar by buying Australian Dollar, which pays a signficantly higher interest rate on cash. The Aussie dollar has evaluated a lot against the US dollar as well from 63 cents to 90 cents. We will closely follow developments regarding the Australian currency.
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