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Australian dollar rises

australian dollar 4The Australian dollar is up against the greenback on the first full day on the financial markets following Donald Trump’s inauguration as the 45th US president.

The local currency was trading at 75.61 US cents at 0634 AEDT on Monday, up from 75.43 on Friday.

The USD has struggled to gain traction since the inauguration, with now-president Trump already putting in motion plans to kill off the trans-pacific partnership and renegotiate the North American free trade agreement (NAFTA).

President Trump’s speech also failed to deliver more details about his anticipated infrastructure spending plans, with follow from campaign commitments to put $1 trillion dollars into American infrastructure.

The Aussie is also up on the yuan, after the Chinese government reported GDP growth of 6.8 per cent for the forth quarter of 2016, representing a 26-year low.

The AUD was trading at 5.19 CNY at 0900 AEDT on Monday, up from 5.12 at 1145 AEDT last Thursday before the announcement.

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