Australian dollar strengthens

dollarThe Australian dollar is higher against its US counterpart after being held in a tight range by risk aversion and falls in commodity prices.

At 0635 AEDT on Friday, the Australian dollar was worth 73.83 US cents, up from 73.65 US cents on Thursday.

Wespac’s Imre Speizer said the local currency had traded in a tight range against the greenback overnight, restricted by pressures on commodity prices.

While, weaker-than-expected earnings from US retailers drove early risk aversion, adding to the political firestorm engulfing the Trump Administration around the firing of FBI chief Comey.

“AUD/USD was held to a 0.7350-0.7380 range overnight, Dalian bulk commodity futures fell, iron ore -1.4 per cent, coking coal -1.6 per cent though thermal coal rose 0.1 per cent.”

AAP

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