MARKETS SPECTATOR: NAB's new Aussie

A revamped valuation model has lifted National Australia Bank's estimation of the Australian dollar, just as momentum builds towards a breakthrough around $US1.05.

The bank has decided to update its present value Australian dollar model to reflect recent changes in the economic environment and market conditions. Based on a series of fundamentals, the model takes into account commodity prices, gold, risk appetite and yield differentials in determining a fundamental based level for the unit.

The previous model was based on weekly data from June 2000 until December 2009. In light of changing market conditions, the bank has extended this period to June 2011.

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