THE dollar clawed its way back above parity after an overnight fall brought about by political tensions in Libya.<\/p>\n
At 12.00pm (AEDT) , the local unit was trading at 100.30 US cents, slightly up from yesterday’s close of 100.27 cents.<\/p>\n
Since 7.00am (AEDT), the Australian dollar traded between 99.86 cents and 100.28 cents.<\/p>\n
Libyan leader Muammar Gaddafi yesterday ordered his forces to crush an uprising that has rocked his 41-year rule, warning armed protesters they will be executed.<\/p>\n
Since Egyptian president Hosni Mubarak resigned on February 11, anti-government movements have spread through the Middle East to Libya, Tunisia and Bahrain.<\/p>\n
Nomura Australia chief economist Stephen Roberts said the dollar had experienced some weakness amid the political tensions.<\/p>\n
“There will be a little bit of concern whilst we’ve got these flare-ups in parts of North Africa and the Middle East,” he said.<\/p>\n
“There’s concern oil prices may be elevated for a period.”<\/p>\n
Mr Roberts said it is inevitable the dollar will recover, because there are signs the global economy is recovering.<\/p>\n
“It’s going to be something of a battleground and I wouldn’t be at all surprised to see the Australian dollar quite well supported over the course of the next few weeks.<\/p>\n
“I think the relative strength of the global economy is going to turn out to be the more important factor,” he said.<\/p>\n
He expected the dollar to trade in a range between 100.00 US cents and 100.40 cents this afternoon.<\/p>\n<\/div>\n
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