Free Subscription

  • Access daily briefings and unlimited news articles

Premium

Only $39.95 per year
  • Quarterly magazine and digital
  • Indepth executive interviews
  • Unlimited news and insights
  • Expert opinion and analysis

Aussie climbs against greenback

Aussie DollarThe Australian dollar has risen sharply against the greenback amid continued administrative uncertainty in the United States.

The Australian dollar was worth 79.20 cents on Monday morning, up from 78.96 cents on Friday trading, after a market-sell off in the states following US President Donald Trump’s decision to fire his senior strategic advisor, Steve Bannon.

Westpac’s Imre Speizer said the US dollar had moved sideways during Friday’s session before closing lower.

“The US dollar index ranged sideways and closed the day down 0.2 per cent … [while the] AUD rose from 0.7980 to 0.7944.,” he said in a Monday morning note.

He expected the Australian dollar to find support around the 79 US cent mark on Monday.

Internationally markets will be focused this week on the annual two-day meeting of central bankers in Wyoming, due to take place on Thursday and Friday.

Both European Central Bank president Mario Draghi and US Fed chair Janet Yellen are due to speak, as both markets continue to struggle with persistent deflationary pressures.

Yellen is expected to deliver a speech on financial stability on Friday, after Fed minutes last week conceded that the current political climate in the US was contributing to market volatility.

The local currency was also higher against the yen and the euro.

 

You have 3 free articles.