(Australian Associated Press)
The Australian dollar has fallen against its strengthened US counterpart and looks to be heading back toward the 79 US cent mark.
At 0635 AEST on Wednesday, the Australian dollar was worth 79.12 US cents, down from 79.40 US cents on Tuesday.
Westpac’s Imre Speizer said the US dollar, along with US equities and interest rates all rose overnight as a Politico report that President Donald Trump’s team was making progress on tax reform attracted market attention.
“The US dollar index is up 0.5 per cent on the day …. (the) AUD fell from 0.7945 to 0.7898.,” he said in a Wednesday morning note.
“Last night’s reversal in the AUD puts it on a neutral footing today, between 0.7900 and 0.7950.”
The local currency is also lower against the yen and the eur.
CURRENCY SNAPSHOT AT 0635 AEST ON WEDNESDAY
One Australian dollar buys:
* 79.12 US cents, from 79.40 on Tuesday
* 86.69 Japanese yen, from 86.86 yen
* 67.26 euro cents, from 67.34 euro cents
(*Currency closes taken at 1700 AEST previous local session)