Sydney, Jan 12, 2011 (ABN Newswire) - It is all about the Queensland floods today, and the impact will be far reaching. Investors will be understandably distracted and liquidity could become an issue, even for the Australian dollar. Should the currency start to move to quickly, Clifford Bennett expects the Reserve Bank of Australia would have to intervene to support it.

Meanwhile overseas developments have been positive with both Italy and Greece easily raising funds overnight. This fears about Europe have been exaggerated, and the outlook for equity and commodity markets is quite positive. The local share market looks set for steady gains from current levels, while the Australian dollar will remain under pressure for a couple of days.

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