Australian dollar rises

dollar01The Australian dollar has retained most of its gains against its US counterpart after surging to a 15-month high on Friday following disappointing US inflation data.

At 0637 AEST on Monday, the Australian dollar was worth 78.24 US cents, up from 77.49 US cents on Friday.

The US dollar slipped against major currencies on Friday to its lowest level since September 2016 following disappointing inflation and retail sales data.

US CPI inflation was flat in June while retail sales fell 0.2 per cent in the month.

The local currency has also made gains against the yen and the euro.

AAP

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