US dollar rebounds after poor data

THE Australian dollar is higher against a strengthening US dollar which rebounded after earlier losses on weaker-than-expected US economic data.

THE Australian dollar is higher against a strengthening US dollar which rebounded after earlier losses on weaker-than-expected US economic data. At 0635 AEST on Tuesday, the Australian dollar was worth 75.84 US cents, up from 75.71 US cents on Monday.

Westpac’s Imre Speizer said the US dollar ended the US session 0.2 per cent higher despite having lost ground earlier following disappointing US durable goods data.

“US durable goods orders were weaker than expected, falling 1.1 per cent in May (-0.6 per cent expected) and the prior month was revised down a touch,” he said in a morning note.

Meanwhile, “the AUD jumped from 0.7568 to 0.7599 but later retraced to 0.7583”, but could extend further on Tuesday. “(It has the) potential to push beyond 0.7600 to 0.7635.” The Aussie dollar is also higher against the yen and the euro.

CURRENCY SNAPSHOT AT 0635 AEST ON TUESDAY

One Australian dollar buys:

* 75.84 US cents, from 75.71 on Monday

* 84.86 Japanese yen, from 84.27 yen

* 67.83 euro cents, from 67.65 euro cents

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

Originally published as US dollar rebounds after poor data