Australian dollar rises

dollar-13The Australian dollar on the back of higher commodity prices as a risk-averse mood about the US presidential election weighs on greenback.

At 0701 AEDT on Thursday, the local unit was trading at 76.50 US cents, up from 76.31 cents on Wednesday.

Westpac senior market strategist Imre Speizer said the only reason the greenback didn’t slide further was US Federal Open Market Committee’s statement after deciding to keep interest rates on hold.

He said the US policy makers made positive comments about the labour market “continuing to strengthen” and activity picking up from “the modest pace seen in the first half” of 2016.

“The weaker US dollar plus high iron and coal prices should underpin the Australian dollar today, supported at 76 US cents with potential to break above 79.90 cents,” Speizer said.

The main risk event for the local currency on Thursday is the release of the official trade figures for September.

AAP

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

Comments

Comment Manually

Inside Retail Polls

Has bullying ever occurred in your workplace?
Vote

Twitter

Have you heard of Toymate? What was once a small family business has become a rapidly expanding retail chain fillin… https://t.co/kRMzUfZ7zn

17 hours ago

Mecca posted a detailed letter on its website, saying it needs to do more to stop workplace bullying. #retail #workplace #hr #ausbiz

19 hours ago

Amazon Australia has launched a new delivery option ahead of the biggest online shopping days of the year. Here's w… https://t.co/kqvssWgnT4

19 hours ago