Australian dollar recovers from its dip below 90 US cents
THE Australian dollar has recovered some ground following its dip below 90 US cents, helped along by some US dollar weakness.
Dollar
Don't miss out on the headlines from Dollar. Followed categories will be added to My News.
THE Australian dollar has recovered some ground following its dip below 90 US cents, helped along by some US dollar weakness.
At 0700 AEST on Tuesday, the local currency was trading at 90.28 US cents, up from 90.00 cents on Monday.
The Australian dollar fell to a fresh six-month low of 89.84 US cents overnight but received some reprieve from stronger commodity prices and a dip in US dollar strength, BK Asset Management managing director Kathy Lien said.
The iron ore price rose 3.9 per cent to $85.20 per tonne on Monday.
“The rise in commodity prices and decline in the US dollar contributed to the move,” Ms Lien said.
“The deeply oversold currency recovered quickly after a brief dip below 90 US cents.” Ms Lien said Reserve Bank of Australia meeting minutes due to be released on Tuesday were not expected to have a significant impact on the currency.
Originally published as Australian dollar recovers from its dip below 90 US cents
ASX marks second best close on record
The Australian sharemarket closed just off a record high on Thursday, as renewed optimism in the US-China relationship, spurred a rally in key stocks.
Coles slammed over mass product cull
Nationals leader David Littleproud has hit out at Coles after the supermarket giant flagged a cull in its product range, claiming prices at the checkout would rise.