Thursday January 27, 2005 - 11:30:19 GMT
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INVESTICA Ltd - www.investica.co.uk
Rate hopes support Australian dollar
The domestic influences will remain supportive for the Australian dollar due to speculation that the Reserve Bank will need to increase interest rates during the first half following the firm inflation data. The Australian currency has also gained support from US currency vulnerability over the past 24 hours and there is the potential for wider capital inflows into Asia on speculation over currency gains. The longer-term bond yield spreads have, however, narrowed which will be a barrier to strong gains.
The Australian dollar could edge higher in the short term on momentum buying and there is a greater chance of a move to 0.7820 but, overall, it is doubtful whether the Australian currency offers good value above 0.7780 on a short-term view.
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