Dollar slips

dollar4The Australian dollar has slipped further against its strengthening US counterpart but is still above the 80 US cent psychological threshold.

At 0635 AEST on Tuesday, the Australian dollar was worth 80.28 US cents, down from 80.37 US cents on Monday.

Westpac’s Imre Speizer said the US dollar, US bond yields and equities have risen amid a calmer environment for risky assets after Hurricane Irma was not as damaging as feared, and North Korea did not escalate geopolitical tensions.

“The US dollar index is up 0.6 per cent on the day (while the) AUD ground slightly lower, from 0.8060 to 0.8019,” he said in a morning note.

The main risk event for local markets on Tuesday was the August NAB business survey conditions which were last at 15, having maintained an elevated level through 2017.

“However, results vary by industry, with the retail and mining sectors lagging behind,” he said.

He expected the local currency to trade in a 0.80-0.81 range “if the US dollar can hold its overnight gains”. The Aussie dollar is higher against the yen and the euro.

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