Dollar up on Trump uncertainty

THE Australian dollar is trading slightly higher as the weaker greenback is offset by lower iron ore prices and dovish comments from the RBA.

The local currency is lower against the Japanese yen and the euro.

THE Australian dollar is trading slightly higher as the weaker greenback is offset by lower iron ore prices and dovish comments from the Reserve Bank of Australia.

At 0640 AEST on Wednesday, the Australian dollar was at 75.60 US cents, up slightly from 75.55 cents on Tuesday.

National Australia Bank senior economist Tapas Strickland said the main driver of the Aussie’s rise was weakness in the greenback amid uncertainty over US President Donald Trump’s planned fiscal reforms.

Meanwhile, he said the dovish Reserve Bank of Australia meeting minutes, released Tuesday, and lower iron ore prices were weighing on the Aussie. The local currency is lower against the Japanese yen and the euro.

CURRENCY SNAPSHOT AT 0640 AEST ON WEDNESDAY

One Australian dollar buys:

* 75.60 US cents, from 75.55 on Tuesday

* 81.96 Japanese yen, from 82.42 yen

* 70.45 euro cents, from 70.95 euro cents

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

Originally published as Dollar up on Trump uncertainty