Australian dollar rises slightly

The Australian dollar has risen slightly Wednesday, buying 69.04 US cents up from 69.0 US cents at Tuesday’s close.

One Australian dollar buys 75.92 Japanese yen from 75.91; 62.03 euro cents from 62.0;  53.02 British pence from 53.13; 1.04 NZ cents from 1.04.

Australian share prices appeared headed for a flat start to trading after US stocks fell late on news that the US would likely maintain tariffs on Chinese goods until November as part of a trade deal.

The SPI200 futures contract was up 5 points, or 0.07 per cent, to 6,914.0 at 0800 on Wednesday following a new high on the Australian Stock Exchange of 6,962.2 points on Tuesday.

The Aussie market has been buoyed by the looming US-China trade deal, however overseas investors have reacted to news of the tariffs details.

The tariffs are expected to remain in place until after the presidential election.

The trade deal is expected to be signed by Thursday.

China has pledged to buy nearly an additional $80 billion of manufactured goods from the US over the next two years, and over $50 billion more in energy supplies, according to Reuters.

Meanwhile the Australian Bureau of Statistics is due to publish building data later this morning.

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