Corporate foreign exchange news

Foreign exchange trading pushes Aussie lower

Friday, 25 September 2009 09:20:36 GMT

The Australian dollar was down in early foreign exchange trading on Friday (September 25th), but was bolstered by firm assurances from G-20 leaders in Pittsburgh that there would be no imminent withdrawal of economic stimulus frameworks.
According to Dow Jones Newswires, government bond prices closed up for the session, but gains were pared by statements from the G-20, which sparked a rally in equities in Asia this morning.
Leaders in Pittsburgh are today also expected to lay the groundwork for a new charter that will aim to establish the G-20 as a powerful forum for economic recovery and sustainability in the months and years ahead.
A source familiar with the negotiations told the Press Association that G-20 leaders appeared to be getting behind proposals laid down by Gordon Brown and Barack Obama calling for greater collaboration in drawing up responses to economic crises.
State representatives are also expected to reiterate their commitment to the $1 trillion fiscal stimulus package wrapped up in April at the last G-20 Summit in London.ADNFCR-2522-ID-19378332-ADNFCR
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