AUD Declines, Still Can End Week with Gains
The Australian dollar fell today on the speculation that the European leaders will struggle to find an accord regarding measures for dealing with the region’s crisis. Still, the currency is likely to end this week with impressive gains.
The joint effort of the major central banks to bring the costs of dollar swaps down set the tone for the whole week and that tone was positive. The Aussie profited from the good market sentiment and isn’t likely to give away its weekly gains unless some major negative event would happen. The rally was simply too big to easily erased on just one session that left before the end of this week.
In the longer term, though, the outlook for the currency isn’t that great. The leaders of the European countries w
