Australian dollar rises slightly

closeup Australia dollar bills, business and financial conceptThe Australian dollar is hardly changed against its US counterpart which has risen on improved chances of an anti-EU candidate winning the French presidential election.

At 0635 AEDT on Tuesday, the Australian dollar was worth 75.83 US cents, up fractionally from 75.81 US cents on Monday.

Westpac’s Imre Speizer said the Australian dollar rose to 76.10 US cents in London but then reversed to 75.74 US cents.

Speizer says he expects the Australian dollar to consolidate in the high 75 US cent area while it “retains negative momentum, targeting 0.7510”.

A key possible risk event for the local currency on Tuesday is the Reserve Bank of Australia’s interest rate decision due at 1430 AEDT, with all 14 economists polled by AAP expecting the central bank to hold the cash rate steady.

AAP

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