Free Subscription

  • Access 15 free news articles each month

Professional

Try one month for $5
  • Unlimited access to news,insights and opinions
  • Quarterly and weekly magazines
  • Independent research reports and forecasts
  • Quarterly webinars with industry experts
  • Q&A with retail leaders
  • Career advice
  • Exclusive Masterclass access. Part of Retail Week 2021

Dollar range bound

 

dollar,coin,moneyThe Australian dollar is hovering below 94 US cents amid a quiet start to the week.

At 0700 AEST on Monday, the local currency was trading at 93.78 US cents, down from 93.87 cents on Friday.

The Australian dollar drifted lower over the weekend but traded within a narrow range in the absence of any major economic news or data, Westpac senior market strategist in Wellington Imre Speizer said.

“We’ve got a pretty quiet start to the week,” Speizer said.

“Friday night’s price action was not very meaningful, most markets were pretty quiet around the world so the Australian dollar didn’t really do much, we’ve just been sideways trading.

“There is a very slight negative bias on the Aussie, the market is still dwelling on the weak run of data we’ve had in Australia over the last week and the Reserve Bank of Australia’s rhetoric of late as well.”

Monday is expected to be a quiet day with little on the economic calendar.

The Australian Bureau of Statistics will release lending finance figures for May.

AAP

You have 7 free articles.