Australian dollar rises

The Australian dollar has risen Monday, buying 71.39 US cents from 70.96 US cents on Friday.

Last Friday, the Australian dollar recovered after falling more than 1 per cent on Thursday, when Reuters reported the Chinese port of Dalian had banned imports of Australian coal indefinitely.

China’s foreign ministry said on Friday coal imports continued but customs had stepped up inspections environment and safety checks on foreign cargoes.

Reserve Bank of Australia Governor Philip Lowe cautioned against seeing restrictions as being directed at Australia, and Prime Minister Scott Morrison said the ban does not indicate a souring relationship between the countries.

Separate comments by Lowe that a rate increase may be appropriate next year also helped to boost the Aussie dollar. It was last up 0.35 per cent at US$0.7112 (A$1.0021)0.

Elsewhere, the euro was 0.1 per cent higher at US$1.1346 (A$1.5987) , nearing a two-week high. German business morale fell for a sixth time in a row, to its lowest in over four years, a survey showed.

European Central Bank policymakers asked for swift preparations to give banks more long-term loans, minutes of its last meeting showed on Thursday.

The dollar index, which tracks the currency against six others, was down 0.1 per cent at 96.549.

Italian government bond yields crept up on Friday, reflecting caution among investors before a Fitch ratings review.

US crude oil rose 0.3 per cent to US$57.14 (A$80.51) a barrel. Brent crude was up nearly 0.2 per cent at US$67.18 (A$94.66).

Spot gold was trading up about 0.2 per cent at US$1325.83 (A$1868.15) per ounce.

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