The Australian dollar gained yesterday and extended its rally today as traders wait for the policy decision of the Federal Reserve, hoping that the US central bank will announce another round of monetary easing.
Speculations about the policy meeting of the Fed drive the Forex market this week. Investors hope for stimulus and optimism support higher-yielding currency. Outlook for the eurozone is not that bad, at least talks about a breakup of the currency union receded.
All in all, the mood on markets is positive. The MSCI Asia Pacific Index of shares advanced 0.7 percent yesterday. At the same time, the MSCI World Index added 0.4 percent.
AUD/USD advanced from 1.0432 to 1.0464 and AUD/JPY rallied from 81.11 to 81.48 as of 2:53 GMT today. EUR/AUD ticked down from 1.2318 to 1.2284.
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