AUD increases Slightly

 THE Australian dollar is slightly lower as investors take profits following a six-day rally.

The local currency surged last week after the US Federal Reserve announced a new round of economic stimulus and a German court said the European Central Bank (ECB) bailout fund was not unconstitutional and Berlin could participate in it.

There's definitely going to be a level on the top side where people may be looking to take profits, unless there is some further push higher.

On Friday, credit-research firm Egan Jones cut its rating for US government debt to AA minus from AA.

It will be interesting to see how the market absorbs that news.

I'm not sure if that is the reason behind this pull-back in the Aussie dollar, but I wouldn't be surprised that, at the start of the week, markets are just booking profits, taking a little bit of risk off the table and seeing what transpires.

Tomorrow, the Reserve Bank of Australia will release the minutes of its September board meeting, where it kept the cash rate at 3.5 per cent for the third month in a row.

Pound To Australian Dollar - 1.5400
Euro to Australian Dollar - 1.2466
US Dollar to Australian Dollar - 0.9494

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THE dollar is higher ahead of a crucial meeting of the US Federal Open Market Committee (FOMC).
At 12pm AEST, the dollar was trading at 104.84, up from 104.72 at yesterday's close.

We've risen along with other risk assets and the euro, There's probably a bit of relief since the Dutch elections have finished up without any issue.

Traders are probably also taking up positions before the FOMC meeting.

Pro-European parties were handed a significant victory at the Dutch elections on Wednesday (European time), including a win for prime minister Mark Rutte.

The FOMC meeting was a crucial event for global markets, with expectations that quantitative easing would be announced.


I wouldn't be surprised to see some weakness in the Aussie dollar going into it, because expectations are pretty high that we are going to get an open-ended asset purchase taking place.

Pound To Australian Dollar - 1.5435
Euro to Australian Dollar - 1.2331
US Dollar to Australian Dollar - 0.9541

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AUD Increases over the Weekend

The Australian Dollar continues to trade higher after weak US job figures and European plans to support the weaker and struggling economies. Weak US Non-Farm pay rolls provided a strong platform for the AUD to increase on Friday, and this was maintained across the weekend.

Also helping the Australian Dollar was the news from the ECB that bigger European countries would continue to buy bonds off of the weaker economic countries in the region. This is in the hope to continue to stimulate the European economy and keep things moving.








Pound To Australian Dollar - 1.5465
Euro to Australian Dollar - 1.2345
US Dollar to Australian Dollar - 0.9657

Bye For Now

IMS Foreign Exchange
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates!

Buy Travel Money Australian Dollars?

Contact IMS Foreign Exchange + 44 207 183 7920