Australian dollar slips as greenback surges
The Aussie dollar is hovering at a three-week low amid support for the greenback after falls in equity markets and oil prices.
The Australian dollar is hovering at a three-week low as the US greenback found support among investors following falls in global equity markets and oil prices.
At 7am (AEDT), the local unit was trading at US75.40 cents, down from US75.57 cents yesterday.
Westpac senior market strategist Imre Speizer said the US dollar “surged” overnight, responding partly to a fall in equities and oil, which in turn hurt the Aussie and New Zealand dollar.
A major Russian oil producer said it would not cut production, Mr Speizer noted.
“The US dollar index surged to a seven-month high overnight. As a safe-haven instrument, it has benefited from concerns regarding the US elections and Brexit, as well as the looming Fed (Federal Reserve interest rate) hike.”
AAP
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