FX Markets

Strong Aussie hits exporters

CANBERRA – Australian commodity exporters need to ensure they have adequate currency hedging strategies in place to counter the impact of the rapidly strengthening Australian dollar, bank officials told FX Week.

The warning followed government predictions last week that the strong Aussie will have a negative impact on Australia’s commodity export earnings in the 2003 financial year. For the financial year ending June 2004, these were predicted to be AUS$82 ($61 billion) – a drop of around 5%

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