US dollar boosted by GDP figures

THE US dollar has lifted amid better-than-expected American gross domestic product figures and rebounding oil prices.

THE Australian dollar is a little higher against its US counterpart as the US dollar lifted amid better-than-expected American gross domestic product figures and rebounding oil prices.

At 0635 AEST on Monday, the Australian dollar was worth 74.41 US cents, up slightly from 74.38 US cents on Friday.

Oil prices have risen more than one per cent following last week’s slump amid disappointment that the OPEC-led production cuts were not deepened as well as extended.

Westpac’s Imre Speizer said the US dollar had risen as American gross domestic product data were better than expected.

“US GDP for Q1 (the first quarter) was revised higher from 0.7 per cent to 1.2 per cent, annualised (versus the 0.9 per cent expected),” he said in a morning note on Monday.

“The US dollar index closed 0.2 per cent higher on the day. AUD bounced off 74.22 to 74.61 (US cents).” He said he expected the Aussie dollar to trade in the 74.00-75.20 US cent range on Monday.’

CURRENCY SNAPSHOT AT 0635 AEST ON MONDAY

One Australian dollar buys:

* 74.41 US cents, from 74.38 on Friday

* 82.74 Japanese yen, from 82.78 yen

* 66.58 euro cents, from 66.34 euro cents

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

Originally published as US dollar boosted by GDP figures