Dollar drifts lower


dollar downThe Australian dollar has drifted lower after better than expected US inflation figures gave the greenback a boost.

At 0700 AEDT on Thursday, the local currency was trading at 87.76 US cents, down from 87.88 cents on Wednesday.

US inflation rose 0.1 per cent, seasonally adjusted, in September, beating analysts’ expectations of a flat result.

The figures, along with comments from a European Central Bank official, gave the greenback a boost, Westpac senior market strategist in Wellington, Imre Speizer, said.

“The US dollar and US interest rates rose following a slightly higher than expected CPI result,” Speizer said.

“Also helping the US dollar may have been ECB Council member Ewald Nowotny, who played down the possibility of corporate bond purchases but did imply it had at least been discussed.”

The market is now awaiting a speech by Reserve Bank governor Glenn Stevens, due to be delivered at 0800 AEDT on Thursday.



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