Australian dollar jumps

dollar-7The Australian dollar has jumped more than half a US cent amid renewed uncertainty about Donald Trump’s policies following his first press conference as US president.

The local currency was trading at 74.45 US cents at 0700 AEDT on Thursday, down from 73.74 US cents on Wednesday.

Westpac senior market strategist Imre Speizer said Trump’s eagerly awaited press conference disappointed a market wanting information about fiscal policy, which led to the US dollar falling against the majors, including the Aussie.

“It was not as market friendly as the pro-growth acceptance speech he gave in November,” Speizer said in a note.

“Trump made a few references to ‘making American great again’ but if you wanted more detail on infrastructure spending plans, corporate tax reform, a tax repatriation holiday, and the potential for border adjusted taxation, then you would have been disappointed.”

Meanwhile, the Australian share market is set to open higher, despite choppy trade on Wall Street amid the uncertainty about President Donald Trump’s policies.

At 0700 AEDT on Wednesday, the local SPI 200 futures contract was up 14 points at 5,743 points.

The main local risk events or data releases due on Thursday.

On Wednesday, strong gains by resources companies including Rio Tinto and BHP Billiton lifted the Australian share market, despite falls by the banks.

The benchmark S&P/ASX200 gained 10.8 points, or 0.19 per cent, to finish at 5,771.5 points, while the broader All Ordinaries index added 10.7 points, or 0.18 per cent, to hit 5,823.7 points.

AAP

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