Australian dollar weakens

Rolls Of Australian Cash Money With Five, Ten, Twenty, Fifty And One Hundred Dollar Notes.The Australian dollar is trading slightly lower against its US counterpart, which has continued to gain against major currencies.

At 0730 AEDT on Monday, the local unit was trading at 74.58 US cents, down from 74.65 cents on Friday.

The US dollar index gained around 0.5 per cent, mainly on the back of speculators increasing their long positions further.

“The US dollar and US interest rates rose in the approach to this week’s US Federal (Reserve) meeting, helped also by stronger economic data,” Westpac senior market strategist Imre Speizer said.

The Fed is widely tipped to raise interest rates at the meeting.

The Australian dollar is likely to continue trading in the sideways direction on Monday, mostly within a range of 74 to 75 US cents, Speizer said in a note.

The local currency has, however, posted gains against the yen and the euro.

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.


Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inside Retail Polls

Do you plan to participate in Halloween this year?


Do you enjoy receiving our daily Newsbriefs, weekly publications, quarterly magazines and attending our Academy eve…

1 week ago

Know an outstanding retailer supplier? Nominate them for the 2020 Retailer Awards: #RA20

3 weeks ago

Do you know any retailer with exceptional customer experience? Nominate them at 2020 Retailer Awards:…

3 weeks ago

FREE NEWS BRIEFS Get breaking news delivered