TH: Australian dollar gains on European leaders' policy action
THE Australian dollar was higher late yesterday, reflecting improved confidence about the immediate outlook for the EU after its leaders took surprise policy action last week, and expectations that the local benchmark interest rate will be kept steady today.
At 5pm AEST the dollar was trading at $US1.0225, up US0.47c from Friday's close. David Scutt, currency trader at Arab Bank, said the dollar could gain further if EU central banks continued making policy announcements to support the eurozone economy.
"The currency is still going to move higher, particularly if the European Central Bank and the Bank of England come to the easing party later on in the week."
