Australian dollar unchanged

dollar-13The Australian dollar is virtually unchanged against its US counterpart which has fallen to a seven-week low against a basket of key world currencies amid investor concerns over protectionist rhetoric by US President Donald Trump.

At 0635 AEDT on Tuesday, the local unit was trading at 75.68 US cents, down slightly from 75.70 cents on Monday.

President Trump has now formally withdrawn the US from the Trans-pacific partnership (TPP) and has begun working on a renegotiation of the North American Free Trade Agreement (NAFTA).

The withdrawal of the US from the TPP signals further concern over the future of the agreement, with Prime Minister Malcolm Turnbull expressing support for free trade agreements to reporters earlier this week.

A number of Southeast Asian states have previously indicated their intention to continue with the TPP without America’s involvement.

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