Sydney, Aug 7, 2007 (ABN Newswire) - The Aussie market could stage a recovery today, fueled by a strong rebound on Wall Street. Investors are likely to pick up shares in Macquarie Bank and other financial firms that were sold down the previous session. However, the overall mood is also likely to be cautious ahead of the Reserve Bank's policy meeting today; it's widely expected to raise interest rates to an 11-year high of 6.50 per cent. That decision will be announced tomorrow.
Whatever happens on the ASX today, it likely won't be as bad as Monday when Australian shares sunk. On Monday the share market dropped 101 points ending at 5,920. On the futures market the SPI200 is up 102.
Turning to currencies, the Australian dollar was firmer in early trade this morning after Wall Street's rebound. At 8:25 AM the Aussie dollar is buying 85.81 US cents, on the crosses the dollar is buying 101.97 yen, 62.2 Euro cents, and 42.25 British pence
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