Investors waited on Australian Currency as Fed Meets

Today, local currency traded in a narrow range as investors await information from the Australian and U.S. central banks this week. At 5:00 PM, AUD was trading at 96.05 US cents, same as Friday's figure. Investors are eagerly waiting for the outcome of Federal Open Market Committee's decision, which finishes on Thursday morning, of when the US central bank will end its economic stimulus program.

Experts are expecting that market will be quiet till Thursday and some downward pressure might be there on Australian currency as U.S. dollar will probably improve its position in coming couple of days. Australian bond futures prices were also lower ahead of the FOMC decision. At 4.30pm AEDT, the December 10-year bond futures contract was trading at 96.030 (implying a yield of 3.970 per cent), down from 96.065 (implying a yield of 3.935 per cent) on Friday. The December three-year bond futures contract was at 96.950 (3.050 per cent), down from 96.970 (3.030 per cent).

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