Australian dollar strengthens

dollarThe Australian dollar is up against the US dollar ahead of US President-elect Donald Trump’s closely-watched inauguration and speech.

The local currency was trading at 75.43 US cents at 0630 AEDT on Friday, up from 75.23 on Thursday. The Aussie hit 75.74 US cents Thursday evening Australian time.

The president-elect is expected to detail his infrastructure spending plans during his speech, which will put an end to weeks of market speculation and uncertainty.

The Aussie is also stronger against the Chinese Yuan this morning, trading at 5.19 CNY at 0811 AEDT on Friday, up from 5.12 on Thursday.

The move comes as markets await the release of Chinese GDP data later today, which could set the pace for both the Chinese and Australian economies in 2017.

Chinese GDP reports are expected to be released at 1pm AEDT today.

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