Australian dollar outlook 22/12/2010
Australia and Majors: The AUD has opened at USD 0.9974 this morning as Wall Street shares closed higher amid light trading overnight. The AUD is currently trading around USD0.9930. With the continued lack of data to be released this week, the thin trading conditions are ensuring the range in the AUD remains relatively tight and influenced by offshore news and developments. The Dow Jones Industrial Average rose 55 points, while the S&P 500 index, a broader measure of the market, gained 7.5 points. Confidence in the battered European economy was given a shot in the arm after China expressed support for EU measures to tackle the Euro Zone debt crisis. But at the same time, Moody's warned over a possible ratings downgrade for Portugal over its massive debt. After Greece and Ireland had to be salvaged by massive international bailouts, other European members, mainly Portugal, Spain, Belgium and even Italy are considered at risk of crisis in 2011. Today in Australia sees the Westpac MI Leading Index of October whilst in the offshore markets, the US has Existing Home Sales, House Prices and Q3 GDP estimates and the Bank of England minutes are due.
More from IBT Markets:
Subscribe to get this delivered to your inbox daily
Follow us on Twitter.
Follow us on Facebook.