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Australian dollar gains as greenback weakens

dollar20The Australian dollar has gained after comments from US President Donald Trump overnight weakened the US dollar against major currencies.

At 0636 AEST on Thursday, the Australian dollar was at 75.18 US cents, up from 74.91 cents on Wednesday.

FXStreet analyst Matias Salord said the key data that the market would be focused on will be the Australian jobs report and the Chinese trade balance later in the day, with both numbers having the potential to add some volatility to a quiet market.

President Donald Trump has also weighed in on the US dollar saying it’s “getting too strong” and will eventually hurt the US economy, even as he says he’d like to see interest rates stay low, the Wall Street Journal reports.

In an interview, Trump also said he would not label China a currency manipulator in a US Treasury report due later this week, the Journal said.

He also said he respected Federal Reserve Chair Janet Yellen, saying she was “not toast” when her current term ends in 2018.

“I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting – that will hurt ultimately,” he said.

AAP/Reuters

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