$A climbs as European markets bounce back

Reported by AAP
Wednesday, September 21, 2011

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The Australian dollar was half a US cent firmer, after equity markets in Europe bounced back overnight, brushing aside news of Italy's credit rating downgrade.
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The euro clawed back earlier losses against the US dollar after the overnight downgrade of Italian sovereign debt by ratings agency Standard & Poor's and as Greece, struggling to avert a default, awaited more talks with auditors from the International Monetary Fund, European Union and European Central Bank.

At close on Tuesday, stock markets in London, Frankfurt and Milan all closed more than one per cent higher.

At 0630 AEST, the Australian dollar was trading at 102.65 US cents, up from 102.07 US cents on Tuesday.

Locally on Wednesday, Westpac and the Melbourne Institute releases their Leading Indexes of Economic Activity survey for September.

Reserve Bank of Australia deputy governor Ric Battellino is due to speak in New York at 2320 (AEST).

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21/09/2011 11:11Sydney, Australia. 21 September,2011

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