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FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - FEB 1, 2008.
SYDNEY, Feb 1 Asia Pulse - The Australian dollar opened firmer today as a rally on Wall Street overnight signalled a rebound in risk appetite.
At 0700 AEDT, the Australian dollar was trading at US$0.8968 72, up from yesterday's close of 0.8912/16.
Overnight, the domestic currency traded between a low of US$0.8824 and a high of 0.8981.
Comments made yesterday on US business television channel CNBC suggesting MBIA and rival bond insurer Ambac would lose their top credit ratings sparked a surge in risk aversion which saw the Australian dollar come under pressure in the local session before rallying to a firmer close.
The Aussie was boosted further overnight as stocks rallied after fears the bond insurers were set to lose their top credit ratings eased.
"Equity markets in the US recovered strongly (overnight) ... There were some soothing ...
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - FEB 1, 2008.