Australian Dollar seen stronger against the Pound, Euro and US Dollar

Australian Dollar Rate Outlook

The Australian Dollar has opened higher for the eighth straight local session as investors continued to sell US dollars in response to the US Federal Reserve decision to start buying US Treasuries.

At 7am AEDT, the Australian dollar rate was trading at $US 0.6860/64, up from yesterday's close of $US0.6746/48. It was the strongest start to the local foreign exchange trading day since January 12 this year, when the unit began at $US0.7028/35. During the overnight offshore session, the unit moved between a low of $US0.6734 and a high of $US0.6943.

The Australian dollar exchange rate rallied through most of the offshore session, with the focus remaining on the US Federal Reserve's intention to purchase long-dated US Treasury securities.
GFT Forex director of currency research Kathy Lien said the dollar advanced on continued US dollar weakness."I think that weakness will extend over the next few weeks and that could lead to further gains in the Aussie dollar and the euro exchange rate," Ms Lien said from New York.
"Even though US equities are lower and bond yields are higher, the clearest ramifications of the Fed's actions yesterday is that they will need to print US dollars."

Full story visit www.news.com.au

Pounds to Australian Dollars = 2.0960
Euros To Australian Dollars = 1.9714
Australian Dollars to US Dollars = 06902
Australian Dollars to New Zealand Dollars = 1.2285

Bye For Now

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