The Australian dollar has increased on comments from ECB (European Central Bank) president Mario Draghi, who said that he would take any crucial steps to save the euro zone. On Thursday noon, the Australian dollar was doing business at 103.99 US cents, which is up from 103.39 at the close on Thursday. Chris Weston, IG Markets institutional trader said that the Australian dollar was one of the most excellent performing currencies suddenly, in response to the European Central Bank comments.
He said that, Australian dollar looks incredibly strong, even given that it is had somewhat a lot thrown at it. With the Kiwi dollar, it is a currency that is very much in focus at present. The next event on the possibility which would be United States gross domestic product (GDP) statistics due on Friday that could influence the option of financial spur by the United States Federal Open Market Committee (FOMC). Mr. Weston said that, If we acquire a number below 1%, that will feed into the scheme that they’re going to get somewhat in terms of QE3 (quantitative easing).
Australian dollar will perhaps fall immediately if they get a weak number, although it could raise later on the back of prospect for quantitative easing. Though, Mr. Weston said that, he thought easing possibly be brought in until the FOMC's on September, instead of August meeting. For now, Australian bond costs were lower at noon. On Friday, the September ten-year bond futures agreement was doing business at 97.200 (involving a yield of 2.800 %), which is down from 97.265 (2.735 %) at Thursday's close. On September 3-year bond futures agreement was doing business at 97.710 (2.290 %), which is down from 97.800 (2.200 %).
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