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Australian dollar back above US88 cents on positive US data

ByFIBO Group
Published 10/31/2014, 10:35 AM
Updated 03/09/2019, 08:30 AM

The Australian dollar has clawed back some of its steep losses following in the footsteps of a positive finish on Wall st. The Dow Jones industrial average jumped 221 points, or 1.3 percent, to 17,195. Driving the gains was the announcement by index member visa that earnings had come in above analysts’ expectations and that it plans to begin a substantial share buyback program. Also helping the cause were the latest quarterly GDP numbers out of the US which came in at 3.5% against an expected number of 3% creating a wave of optimism in the currency markets which boosted the Aussie dollars appeal.

Analysts at Fibogroup say that the Australian currency’s party may be short lived as the market awaits a few important indicators for release from the US today Including the Reuters/Michigan consumer sediment Index. The number is up from 80.4 since the start of the year to the latest reading of 86.4, which shows in part that American consumers are opening their wallets. If the reading comes in on or above as expected we could see the Aussie erase its gains as we head into the weekend as traders snap up the US currency.

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