Aussie dollar declines

dollar20The Australian dollar has edged lower as the US dollar firms against the pound, buying 71.92 US cents down from 72.17 US cents on Monday.

The local currency yesterday has recouped some losses on its US counterpart as speculation the Federal Reserve might almost be done hiking rates undermined the greenback’s yield advantage.

The Aussie had hit a four-week trough at 71.70 US cents on Monday after disappointing Chinese trade data over the weekend showed import growth slowed sharply.

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