Dollar gains

Dollar30The Australian dollar has rebounded from its previous session’s loss against its weakened US counterpart.

At 0635 AEDT on Thursday, the Australian dollar was worth 78.32 US cents, up from 78.14 US cents on Wednesday.

The US dollar fell against a basket of major currencies on Wednesday after a report that China was ready to slow or halt its US treasury purchases.

Officials reviewing China’s foreign-exchange holdings have recommended slowing or halting purchases of US government bonds, Bloomberg News reported, citing people familiar with the matter. Westpac’s Imre Speizer said the greenback moved substantially in response.

“The US dollar index shed 0.5 per cent in response to the China headlines, and is currently down 0.3 per cent on the day,” he said in a morning note. “(The) AUD rose from 0.7810 to 0.7867.”

The main event risk for the local currency on Thursday would be retail figures, he said, adding that he didn’t expect the Aussie to move out of the 78-79 US cent range.

“November retail sales are seen to rise 0.4 per cent following October’s 0.5 per cent increase which saw the annual pace fall to 1.8 per cent. Further consolidation between 0.7800 and 0.7900, with the upside vulnerable given the faltering US dollar.”

The Aussie dollar has continued its slide against the yen but is hardly changed against the euro.

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