Dollar slips

dollarThe Australian dollar has slipped against the greenback on rising expectations that US interest rates will go up later this year, and ahead of key Chinese and US data.

At 0700 AEST, the local unit was trading at 76.99 US cents, down from 77.12 cents on Thursday.

San Francisco federal reserve president John Williams said the federal reserve should raise its rate this year because of improved labour market conditions and the likelihood that inflation is heading higher.

The Australian dollar was stuck in a narrow sideways range between 77.00 and 77.24 US cents, Westpac senior market strategist Imre Speizer said.

Speizer in a research note said it was “consolidating recent gains ahead of a likely eventual test of 0.7755 during the days ahead”.

Investors are keenly awaiting a flurry of data out of China and the US, including industrial production and retail sales, due later on Friday.

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