Dollar declines

Dollar 6The Australian dollar has slipped against its US counterpart which has continued strengthening amid optimism for US tax reform, lawmakers’ efforts to avert a government shutdown.

At 0635 AEDT on Thursday, the Australian dollar was worth 75.62 US cents, down from 75.84 US cents on Wednesday.

The US dollar edged higher against a basket of major currencies on Wednesday, on optimism about progress on US tax legislation and lawmakers’ efforts to avert a US government shutdown on Saturday, Reuters reported.

“The dollar index, which measures the greenback against six rival currencies, was up 0.17 per cent at 93.54,” it said.

“The dollar is finding some support on expectations that Congress is going to pass tax legislation sometime this year,” it quoted Sireen Harajli, FX strategist at Mizuho in New York as saying.

The US dollar also move higher after data from a payrolls processor which showed that US private-sector employment growth eased in November even as the manufacturing sector added the most jobs in at least 15 years, Reuters said. Meanwhile, the Aussie dollar is also lower against the yen but is a little higher against the euro.

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