Dollar slips

The Australian dollar has continued its slide against a steady US dollar, with little news to give it impetus.

At 0635 AEDT on Tuesday, the Australian dollar was worth 76.27 US cents, down from 76.61 US cents on Monday.

Westpac’s Imre Speizer said the Australian dollar had performed badly in the offshore session amid little news flow, while US bond yields remained elevated and the green back was steady.

“The US dollar index ranged sideways overnight, up 0.2 per cent on the day … (while the) AUD fell from 0.7665 to 0.7617,” he said in a Tuesday morning note.

There had been no news of interest to markets overnight, he said, while the key local event risk on Tuesday would be the National Australia Bank’s October business survey.

He said the Australian dollar on Tuesday could “break below its two-week old range of 0.7625-0.7730″ and if it did “the ensuing target would be 0.7570″. The Aussie dollar is also lower against the yen and the euro.

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