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Aussie Rebounds on Hopes for Positive Outcome of Greece’s Crisis

May 7, 2010 at 19:23 by Vladimir Vyun

Australian dollarThe Australian dollar gained against most other major currencies, including its U.S. counterpart and excluding the euro, on the speculation that the Group of Seven nations will take measures to contain the spread of the Greece’s debt crisis.

The Reserve Bank of Australia improved the forecasts for the domestic growth and the inflation today. The central bank should remain cautious about raising the interest rates in the light of the European troubles. The report about the employment surge in the U.S. also helps the Aussie, as the Australian currency nicknamed, by the potential improvement of the risk sentiment and the increasing number of Aussie buyers.

The analysts say that there are enough investors, which don’t believe in the worst outcome for the Europe and the global economy, to support the riskier currencies. Yet the Australian currency remains rather weak as most investors tend to keep the pessimistic opinion about the outcome of Greece’s crisis.

AUD/USD traded today near 0.8870 as of 17:23 GMT after it opened at 0.8848. AUD/JPY rose to 81.33 from its opening level of 80.11. EUR/AUD advanced to about 1.4311 from the opening rate of 1.4258.

If you have any questions, comments, or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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