Dollar drops

The Australian dollar has fallen sharply against its US counterpart and is back below 76 US cents after leaping on Thursday to a two-month high.

At 0635 AEST on Friday, the Australian dollar was worth 75.82 US cents, down from 76.08 US cents on Thursday.

The Australian dollar on Thursday leapt markedly after the Australian Bureau of Statistics data showed that unemployment rate in May fell to a four-year low of 5.5 per cent thanks to a surprise surge in full-time work.

Meanwhile, the US dollar has extended its gains against a basket of six major currencies after the Federal Reserve’s decision to raise interest rates a quarter of a percentage point.

Westpac’s Imre Speizer said the US dollar index rose 0.5 per cent on the day.

“The stronger USD caused AUD to retrace all its post-jobs data gains and more, falling to 75.69,” he said in a Friday morning note.

However, the Australian dollar is higher against the yen and the euro.

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