Dollar sneaks higher against greenback

THE Australian dollar is higher against its US counterpart as the greenback is sold off ahead of expected strong key US jobs figures.

THE Australian dollar is higher against its US counterpart as the greenback is sold off. At 0635 AEST on Friday, the Australian dollar was worth 74.11 US cents, up from 74.03 US cents on Thursday.

BK Asset Management’s managing director of FX Strategy Kathy Lien said investors had sold off the US dollar ahead of expected strong key US jobs figures. “Investors sold US dollars ahead of Friday’s non-farm payrolls report and even the passing of the Health Care bill in the House (of Representatives) failed to help the dollar,” she said.

“Job growth is expected to be strong after last month’s big disappointment and following the FOMC (Federal Open Market Committee) statement’s positive labour market assessment.” The local currency is lower against both the yen and the euro.

CURRENCY SNAPSHOT AT 0635 AEST ON FRIDAY

One Australian dollar buys:

* 74.11 US cents, from 74.03 on Thursday

* 83.2875 Japanese yen, from 83.432 yen

* 67.47 euro cents, from 68.03 euro cents

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

Originally published as Dollar sneaks higher against greenback