Australian Dollar flat

The Australian dollar has pulled back from recent highs as the greenback finally finds its feet following days of losses.

At 0700 AEST on Thursday, the local unit was trading at 76.53 US cents, down from 76.54 cents on Wednesday.

“The US dollar has found a bit of wind after tumbling away in recent trading sessions,” Bank of New Zealand currency strategist Jason Wong said.

He said the Aussie was also consolidating after some big gains.

“It had a huge run, just over 77 US cents was its peak. So, now there’s possibly a bit of profit taking,” he said.

Wong said a strong number from local employment figures, due out Thursday, could give the Aussie a lift. Jobs growth is tipped to have picked up pace after stalling for months, but the unemployment rate is unlikely to improve.

AAP

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