Dollar gains momentum

 

money, dollar notesThe Australian dollar has strengthened against a weaker greenback.

At 0700 AEST on Thursday, the local currency was trading at 93.37 US cents, up from 93.32 cents on Wednesday.

There was virtually no economic news or data to drive the currency overnight.

The Australian dollar was one of the strongest performers of the night, despite falling iron ore prices, National Australia Bank senior economist David de Garis said.

“The US dollar has lost a little ground in what has been a night bereft of major economic data,” he said.

All eyes on Thursday would be on capital expenditure figures being released from the Australian Bureau of Statistics, which could drive the local currency, he said.

AAP

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