Australian dollar falls

dollar51The Australian dollar is slightly lower against its US counterpart which has strengthened amid optimism over proposed US tax reforms.

At 0635 AEST on Thursday, the Australian dollar was worth 78.52 US cents, down slightly from 78.56 US cents on Wednesday.

Westpac’s Imre Speizer says the US dollar, along with US interest rates and equities, rose after Trump’s proposed tax reforms were unveiled.

“The US dollar index rose 0.5 per cent to a one-month high … (The) AUD fell from 0.7880 to 0.7836 – a one-month low.,” he said in a morning note.

The main risk events for Thursday include Reserve Bank of Australia deputy governor Guy Debelle’s expected speech on the topic of Central Bank Independence in Retrospect at the Bank of England conference in London, around 1900 AEST, Speizer said.

“The (Australian dollar’s) next downside target is 0.7810 (a mid-August low), subject to the US dollar rally persisting.”

The Aussie dollar is a little higher against the yen and barely changed against the euro.

AAP

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