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.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.


Comment Manually


When Crumpler CEO Adam Wilkinson stepped up to lead the Tigerlily brand earlier this year, he asked customers for f…

4 hours ago

The supermarket giant has received the highest ever fine issued by the Australian Communications and Media Authorit…

1 day ago

Kathmandu's sales have risen sharply over the past six weeks, but CEO Xavier Simonet remains cautious about the ret…

1 day ago