Dollar sinks lower
At 0700 AEST on Tuesday, the local currency was trading at 92.97 US cents, down from 93.22 cents on Monday.
All US data released overnight disappointed the market, BK Asset Management managing director Kathy Lien said.
But the US dollar still managed to strengthen.
“New home sales dropped 2.4 per cent, manufacturing activity in the Dallas region expanded at the slowest level since March and according to Markit Economics, the service sector and economy in general lost momentum in the month of August,” Ms Lien said.
“This leaves everyone wondering why US assets are so attractive and the answer is because there are no better alternatives.
“The lack of better alternatives is the main reason why investors are piling into all US assets from stocks and Treasuries to the dollar.”
Inside Retail Polls
The finalists for the 2020 Retailer Awards have been announced. Here's our short list of the businesses providing t… https://t.co/NeO2iBW6iF33 mins ago
Taco Bell made a creative debut in Melbourne this week, treating customers to a world-first "tram-thru". #retail1 day ago