Australian dollar strengthens

The Australian dollar has risen Thursday and is buying 72.79 US cents, up from 72.59 US cents on Wednesday.

Yesterday, the local currency is steady before US midterm election results, holding at 72.53 US cents, and within kissing distance of a more than one-month peak. The dollar was slightly higher than Tuesday’s 72.48 US cents, and not far off the 72.59 US cents hit last week.

Locally, investors are watching out for the Reserve Bank of Australia’s quarterly statement on monetary policy due out Friday when it will also issue updated forecasts for growth and inflation.

On Wednesday, Australian government bond futures eased, with the three-year bond contract and the 10-year contract each down 1 tick at 97.845 and 97.255 respectively.

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