Dollar pushes higher

US money, dollarThe Australian dollar has rebounded back above 78 US cents as the greenback lost its edge overnight.

At 0700 AEDT on Tuesday, the local currency was trading at 78.12 US cents, up from 77.77 cents on Monday.

The Australian dollar managed to push higher overnight despite a fall in iron ore prices and weakness across share markets.

National Australia Bank senior economist, David de Garis, said the Aussie was boosted by a weaker US dollar.

“In currency markets, the US dollar has eased back somewhat,” de Garis said.

“The Australian dollar has traded in a 60 point band overnight, trading at over 78 US cents this morning, in a session that has been a somewhat soggy one for the US dollar.”

Coming up on Tuesday, National Australia Bank will release its monthly business survey while the Australian Bureau of Statistics will release quarterly property price data.

AAP

Comments

Comment Manually

Inside Retail Polls

What were the biggest challenges during the 2019 holiday period?
Vote

Twitter

Aussie retailers need to diversify their revenue streams, or risk becoming one of the many brands announcing store… https://t.co/DCKX3A1MXT

3 days ago

The Iconic is offering customers pre-paid postage labels to send old clothes in good condition to charity, rather t… https://t.co/49zjMkOGOH

4 days ago

After Kaufland's shock exit from the Australian market, the question on everyone's lips is why? Here's what indust… https://t.co/MpDbXargpD

4 days ago