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Australian dollar hits new high

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Australian dollar hits new high

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The Australian dollar continues to shoot up in value and it has hit its highest level against the US dollar in 29 years.

Foreign exchange traders said there were several supportive factors.

They include the fact that investors are pumping money into Australia to take advantage of higher interest rates there and solid demand from countries like China for Australian raw materials.

Analysts said they see the Aussie currency going higher still and believe it could reach $1.10 by the end of the year.