Dollar strengthens

Dollar23The Australian dollar has regained some lost ground against the US dollar which itself has preserved its recent gains. At 0640 AEDT on Monday, the Australian dollar was worth 78.12 US cents, up from 77.76 US cents on Friday.

The US dollar on Friday lifted to finish its strongest week against a basket of currencies in nearly 15 months, as some traders piled into the greenback in a week of tremendous swings felt in stock and bond markets around the world, Reuters said.

The dollar’s advance was supported by some stabilisation in US stock prices. Westpac’s Imre Speizer saidf the US dollar, along with bond yields, stayed firm on Friday.

“The USD index closed up 0.2 per cent, near its three-week high …. (while the) AUD ranged between 0.7760 and 0.7830,” he said in a morning note.

He said there was little on the calendar to pose any real risk for the markets on Monday, but he was not optimistic the local currency would continue to rise. The Aussie dollar is also higher against the yen and the euro.

“Only a tentative bottom at 0.7760, momentum is still negative,” he said.

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