Market Report – Australian & NZ Currencies Soar

In today’s market report… surprisingly strong jobs numbers pushed the Australian and New Zealand dollars to fresh 14-month peaks, while gold hit another record as the greenback continued to struggle.

The Aussie dollar leapt to its highest level since August last year on news that Australia had created more than 40,000 jobs last month against an expected decline.

The news fuelled expectations the central bank will raise rates again in November after a hike earlier this week.

South Korea is also widely expected to raise rates, after improving export and retail sales data and amid a booming housing market.

Growing hopes of global economic recovery lifted most Asian share markets.

China Mobile, the world’s largest mobile carrier, expects double-digit growth in cheap smartphones in the next few years, up to three times faster than other phone sales.

Mobile Internet plans bundled with 3G smartphones have been one of the fastest growing sources of revenue for most telecom operators.

Meanwhile, regional footwear makers are up in arms after the European Commission proposed extending anti-dumping duties on EU imports of Chinese and Vietnamese shoes for 15 months.

The EU first imposed duties in 2006 after EU manufacturers accused the two countries of unfairly subsidizing their low-cost shoemakers so that EU producers could not compete.

(NTDTV)