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Dollar lifts on US stocks rally

 

moneyThe Australian dollar is firmer after US stocks rallied strongly overnight as appetite for riskier assets rise.

At 0655 AEDT on Tuesday, the local unit was trading at 90.42 US cents, up from 89.66 US cents on Monday.

Higher gold prices and a rise in US stocks overnight showed there was increase appetite for riskier assets and this had helped drive the Aussie up, BK Asset Management MD Kathy Lien said.

“US stocks hit record highs (overnight),” she said.

“We are seeing a broadbased appetite for risk, not only in US equities but also in commodities, and it’s this factor that is driving the Aussie higher.”

She said many investors were buoyed by signs of growth in the global economy and this was encouraging them to take more risks.

With no major economic data releases due on Tuesday, Ms Lien said she expects the Aussie to hold on to its gains but trade within a narrow range.

AAP

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