Sydney, Aug 17, 2007 (ABN Newswire) - The Australian market could open on firmer ground this morning after US markets staged a stunning late day comeback. However, investors will probably still tread cautiously considering credit market worries are far from over. All eyes will be on testimony by Reserve Bank of Australia's Governor Glenn Stevens at a parliamentary hearing this morning.
Yesterday the S&P/ASX200 finished 1.3 per cent or 77 points weaker after sliding as much as 5.3 per cent earlier in the day. The market ended at 5,712. For some perspective, the market has now fallen 11.3 per cent since hitting an all time high just over a month ago. On the futures market the SPI200 is up 10.
Turning to currencies, At 8:35 AM the Aussie dollar is buying 79.88 US cents, on the crosses the dollar is buying 91.3 yen, 59.51 Euro cents, and 40.25 British pence
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