Dollar slides

dollarThe Australian dollar has slipped a touch on the back of firming market bets on a US interest rate rise.

The local currency was trading at 73.68 US cents at 0700 AEDT on Wednesday, down from 73.74 US cents on Tuesday.

Westpac senior market strategist Imre Speizer said there was a slight uptick in the US dollar overnight on the back of renewed investor confidence in another US interest rate rise this year.

“A slight uptick in the US dollar and US interest rates overnight capped the Australian dollar and the New Zealand dollar,” he said. “Minor US data was encouraging, but markets are more focused on tonight’s (US time) promised press conference by Trump.”

However, Speizer added that recent momentum for the Aussie dollar has been upwards, with it possibly testing the 74 US cent level soon. Meanwhile, the Australian share market is set to open higher, after stocks rose worldwide on Tuesday supported by a rally in commodities such as copper and silver.

At 0700 AEDT on Wednesday, the local SPI 200 futures contract was up 24 points at 5,740 points. The main local economic data due Wednesday is the Australian Bureau of Statistics data on job vacancies in November.

On Monday, the Australian share market closed weaker for the first time in 2017 as investors took profits following a run of gains. The benchmark S&P/ASX200 was down 46.7 points, or 0.8 per cent, at 5,760.7 points, while the broader All Ordinaries index was down 44.7 points, or 0.76 per cent, at 5,813 points.

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