GO Markets - FX Market Commentary
By Chris Gore
28 December 2009 @ 07:43 pm EDT
The Aussie dollar is marginally higher in the domestic session currently buying 88.7 US Cents. In the absence of local economic data we expect the Aussie to remain buoyant on the back the relative strength of equity markets, which have followed the overnight lead from Wall Street to squeeze out some moderate gains. A decline in market participants over the Christmas/New year period has seen exaggerated currency movements with the general market noise resulting in protracted price activity, which is a theme likely to continue leading up to year end. The greenback lost mild ground against major counterparts in overnight trade - The US dollar index which measures the value relative to six major foreign currencies fell .07 per cent to close the session at 77.67.