Aussie dollar soars

DollarThe Australian dollar is higher against its US counterpart which slipped overnight following a small fall in US treasury yields.

At 0630 AEDT on Thursday, the Australian dollar was worth 77.95 US cents, up from 77.85 US cents on Wednesday.

The Australian dollar rose past 78 US cents in morning trade on Wednesday, boosted by the most optimistic Westpac consumer confidence reading in more than a year. But the local currency eased in the afternoon and it ended the local session marginally weaker.

Westpac’s Imre Speizer said the US dollar slipped 0.3 per cent overnight following a small fall in US treasury yields due to dovish Fed speak from central banker Charles Evans who wondered whether more accommodation was needed to reach two per cent inflation.

“But those yields did rebound a bit later on ahead of the FOCM (Federal Open Market Committee) minutes which themselves had little market impact,” Speizer said.

The Aussie dollar on Thursday is higher against the Japanese yen but lower against the euro.

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