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Aussie Sees Slight Gains despite Risk Aversion
Tuesday, 10 Jan 2012
The Australian dollar saw slight gains against the safe-haven US dollar and Japanese yen in trading yesterday. The currency, which is largely linked to commodity prices, saw mild bullish behaviour as traders sold off some short USD positions in favour of riskier currencies. That being said, the market is still extremely risk averse and currencies like the AUD may resume their recent bearish run in the near future.
Today, euro-zone news will likely indicate which direction the aussie is going to move. Investors are waiting to see if meetings between EU leaders and the International Monetary Fund will do anything to restore confidence in the euro-zone. If so, the AUD may see some small gains throughout the day.
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