October 3, 2007

Australian beef exporters worry over rising currency

The peak of Australian dollar, passing US89 cents and may breach the US90 cents mark is a bad news for territory exports, particularly beef.

NT Cattlemen's Association executive director Stuart Kenny said the rise was a concern though cattle prices were still strong.

Financial forecaster Daryl Guppy said he expected the Australian dollar to be worth US$1 soon.

Guppy said the Australian dollar's rise was not due the strength of the Australian economy but the weakness of the US, with international markets concerned the US cannot raise funds to pay its debts.