Dollar treads water in quiet trade
A softer US greenback has failed to boost the local unit, ahead of this week’s speech from Janet Yellen.
A weaker greenback has failed to push the Australian dollar higher on a quiet day of trading. At 6.35pm (AEST) on Monday, the currency was trading at US72.20 cents, down from US72.23 cents on Friday.
CMC Markets chief market analyst Ric Spooner said the key influence has been the softer greenback.
“That’s mainly just a bit of faltering momentum after a very strong run over the past few weeks,” he told AAP.
“Also it could be a bit of book-squaring ahead of what could be a very important speech by (US Federal Reserve chair) Janet Yellen on Friday.” Mr Spooner said it had also been a relatively neutral day for the Aussie due to a lack of local risk events.
He said the key local market movers later this week would likely be official figures on private and public capital investment and construction work done for the March quarter.
AAP
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