Australian dollar remained firm despite greenback rise

0
Aussie dollar
Aussie dollar

The Australian dollar remained firm overnight despite a slight recovery in the greenback after U.S. treasury yields rose following upbeat economic data.

Aussie dollar
Aussie dollar
At the Asian open on Wednesday, the local unit was trading at 73.69 U.S. cents, slightly lower than the 73.74 U.S. cent close on Tuesday.

The strength in the unit was supported from higher iron ore prices after encouraging Chinese economic activity lifted broader base metals, Commonwealth Bank of Australia senior currency strategist Elias Haddad said in a note to clients.

“This will lead to a further improvement in Australia’s terms of trade and raise the fundamental value of AUD,” Haddad said.

At 1019 local time (AEDT), the Australian dollar was trading at 73.63 U.S. cents. Enditem

Source: Xinhua/NewsGhana.com.gh

Send your news stories to newsghana101@gmail.com and via WhatsApp on +233 244244807 Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here