Aussie dollar continues to wane as investors remain uneasy

The Australian dollar has hit a 10 month low as the probability of Greece avoiding a debt default remains a growing concern.

Investors have anxiously awaited further news following talks of a possible Greek bailout in an hour-long television interview with German Chancellor Angela Merkel.

Recent market activity has indicated that the Australian dollar has gained against the US currency and the yen as the Aussie climbed to 98.30 US cents this morning in Sydney from 97.79 last week.

The Aussie share market showed positive signs earlier this morning despite a horrific week with the global financial crisis.

However, recent news has indicated that stocks have begun to slip down again as policy makers in Washington fail to win over investors’ confidence.

On the flip side, Aussie bonds have continued to rise even further to new highs, as investors sentiment suggests that any weakness in stocks will lead to support in the bond market.

It has been reported that a whopping $71 billion has been wiped off the local market following the major debt crisis inEurope.

Treasurer Wayne Swan urges that although the Asian and Aussie region is currently in an economic stronghold, they cannot afford to ignore the troubles faced by Europe and theUS, as they are all interconnected and that they are not immune from this event. He also mentioned that their successful response thus far has put them in good stead, while complacency is not an option.

AUD/ GBP: 0.652737
AUD/ EUR: 0.747019
AUD/ USD: 1.038381
AUD/ JPY:  80.130376
Exchange rates as of 10:56, 26 September 2011

Composed by Chad Frieslich
:: Note: The above exchange rates are based on “interbank” rates.
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