Aussie is getting a boost today, amidst concerns plaguing other currencies around the world. Australian dollar is moving higher, with a little help from higher gold prices, as well as comparisons to other currencies.
Right now, there is a lot of uncertainty surrounding some of the major currencies. Aussie is heading higher against all of these currencies today, as economic concerns take precedences. Australian dollar is higher against the Great Britain pound as the sterling reacts to the British economy slipping into recession.
Against the euro, Aussie has the upper hand as concerns persist about the eurozone economy and the sovereign debt crisis. Australian dollar is also up against the US dollar as the Federal Reserve expresses a commitment to asset purchases if necessary. The latest labor data, and housing data, seem to indicate that the US economy might require more stimulus.
Gold prices are rising, and that can provide support for the Australian dollar as well. Aussie is a commodity currency tied to gold. When gold prices rise, the Aussie often finds support in the Forex market.
At 14:07 GMT AUD/USD is higher at 1.0387, up from the open at 1.0358. EUR/AUD is lower at 1.2736, down from the open at 1.2769. GBP/AUD is down as well, lower at 1.5581, off from the open at 1.5610.
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