Business Services Industry
Bernanke reports hit Aussie.
Australasian Business Intelligence, May, 2006
Byline: Alexander Symonds
May 02, 2006 (The Australian Financial Review - ABIX via COMTEX) -- The Australian dollar lost ground against its US counterpart on 2 May 2006. This followed news that a report by US Federal Reserve chair, Ben Bernanke, to the US Congress had been wrongly interpreted. Financial markets assumed that he was suggesting there might be a pause in the central bank's tightening policy. In Australia, meanwhile, expectations of a rise in rates increased to 56 per cent, but this failed to lift the currency. The Reserve Bank of Australia will announce any change on 3 May. The dollar was buying $US0.7563 in early European trading.
Publication Date: 3 May 2006
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