Australian dollar rises

Stack Of Australian DollarThe Australian dollar has strengthened against its US counterpart and is once again heading toward 75 US cents.

At 0700 AEDT on Thursday, the local unit was trading at 74.77 US cents, up from 74.34 cents on Wednesday, aided by the US currency’s decline against a basket of currencies and a rise in iron ore prices.

The price of the metal rose almost 3.5 per cent.

“The US dollar’s slippage overnight and iron ore prices give the AUD modestly positive momentum,” Westoac strategist Imre Speizer said.

The Australian dollar also rose against the yen, the euro, the pound and the NZ dollar, with iron ore and coal prices expected to continue their gains and lend support to the local currency.

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