THE Australian dollar is firmer as
traders seek profit by selling a recently resurgent greenback. At 0700
AEDT on Tuesday, the local currency was trading at 77.10 US cents, up
from 76.99 cents on Monday.
The Aussie had little movement during the offshore session as traders sold the US dollar to make a quick profit, BK Asset Management managing director Kathy Lien said.
“We had a very strong US dollar rally last week and with no US data released today, or tomorrow, it’s natural to see retracement after such a strong trend,” she said from New York.
The US dollar had risen against a range of currencies at the weekend, causing the Australian dollar to finish one US cent weaker on Monday, after surprisingly strong American non-farm payrolls data for February convinced financial markets US interest rates could rise mid-year.
The Aussie had little movement during the offshore session as traders sold the US dollar to make a quick profit, BK Asset Management managing director Kathy Lien said.
“We had a very strong US dollar rally last week and with no US data released today, or tomorrow, it’s natural to see retracement after such a strong trend,” she said from New York.
The US dollar had risen against a range of currencies at the weekend, causing the Australian dollar to finish one US cent weaker on Monday, after surprisingly strong American non-farm payrolls data for February convinced financial markets US interest rates could rise mid-year.
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