Australian dollar pops back above 77 US cents

THE Australian dollar has clawed back some of Tuesday’s losses, making its way above 77 US cents.

THE Australian dollar has clawed back some of Tuesday’s losses, making its way above 77 US cents.

At 0630 AEST on Wednesday, the local currency was trading at 77.08 US cents, up from 76.95 cents on Tuesday.

The Australian dollar took a hit on Tuesday after the Reserve Bank made it clear that another rate cut remains on the cards — both in the minutes of its April board meeting, and in a speech by governor Glenn Stevens in New York.

It could be a big day for the currency with the release of official inflation figures at 1130 AEST which will inform the central bank ahead of its May board meeting.

CURRENCY SNAPSHOT AT 0630 AEST ON WEDNESDAY

* 77.08 US cents, from 76.95 cents on Tuesday

* 92.23 Japanese yen, from 91.94 yen

* 71.80 euro cents, from 72.05 euro cents

(*Currency closes taken at 1700 AEST previous local session)

Source: IRESS

Originally published as Australian dollar pops back above 77 US cents