Dollar edges back as greenback lifts
The local unit is seen holding up better than expected, as the greenback rebounds.
The Australian dollar has slipped less than expected in early afternoon trade, as the greenback gains strength.
At 1pm (AEST) on Monday, the local unit was trading at US76.11c, down from US76.19c on Friday.
OANDA Australia and Asia Pacific senior currency trader Stephen Innes said the Aussie dollar was holding up well despite the pressure from the strong US dollar, which has been rallying ever since a better-than-expected July jobs report was released on Friday.
“The Aussie dollar is clearly benefiting from the availability of cheap US finance, but it would be naive to assume the Aussie dollar would not experience substantial outflows if US rate hike expectations continue rising,” he added.
AAP
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