Greenback continues to weaken

THE Australian dollar is solidly higher against its US counterpart as the greenback continues to soften.

THE Australian dollar is solidly higher against its US counterpart as the greenback continues to soften. At 0635 AEST on Tuesday, the Australian dollar was worth 74.75 US cents, up from 74.45 US cents on Monday.

Westpac’s Imre Speizer said risk sentiment remained high with little news to direct it otherwise, while the US dollar continued falling, dropping 0.2 per cent against a basket of currencies.

While the Aussie had fallen off its overnight high, it expected it to resume its rise during Tuesday.

“AUD rose from 0.7440 to 0.7489,” he said in a morning note. “The weakening US dollar continues to lift AUD/USD, towards 0.7500 today.”

CURRENCY SNAPSHOT AT 0635 AEST ON TUESDAY

One Australian dollar buys:

* 74.75 US cents, from 74.45 on Monday

* 83.19 Japanese yen, from 82.92 yen

* 66.51 euro cents, from 66.61 euro cents

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

Originally published as Greenback continues to weaken