Sydney, Aug 20, 2007 (ABN Newswire) - Australian shares could be in for a dramatically higher open today after a rally in US and European stocks on Friday. The jump came after the US Federal Reserve cut the discount rate it charges banks to calm liquidity fears and keep the economy moving.

On Friday the S&P/ASX200 finished 41 points weaker. The market ended the week at 5,671. On the futures market the SPI200 is up 190.

Turning to currencies, the Australian dollar climbed back above 80 US cents in early trade, but at 8:40 AM the Aussie dollar is buying 79.94 US cents, on the crosses the dollar is buying 91.52 yen, 59.32 Euro cents, and 40.4 British pence

The full report is available at the following video and audio links.

Video Link

http://abnnewswire.net/fnnlnk/940Y96K3


Audio Link

http://abnnewswire.net/lnk/25EDC4AE

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