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Aussie climbs above US77¢kiwi firms even as RBNZ cuts rates for sixth time

The Australian dollar is higher against the US dollar, passing US77¢ because of ongoing weakness in the greenback.

At 8.50am AEST, the local dollar was trading at US77.10c, up from US76.92c on Wednesday. It is at its highest level in 3 1/2 months.

Although oil prices fell more than 2 per cent, Westpac strategist Imre Speizer said there was little news to which the fall in the US dollar could be attributed.

The Aussie's strength also comes as the Reserve Bank of New Zealand cut rates for the sixth time in 14 months, and as that country's currency climbed despite the new monetary policy easing.

The US dollar has been falling against the Australian dollar for three straight sessions and has been further softened by this week's weak US productivity data, which suggested the Federal Reserve has no need to rush toward another rate rise.

US jobs data released overnight also showed more openings and hirings in June, adding to evidence that the employment market has rebounded from a brief soft patch.

Mr Speizer said the US77c mark could now act as support for a push by the Australian dollar toward its 15-month high of US78.35c, set back in April, although that high watermark is likely to be temporary.

"The RBA's (Reserve Bank of Australia) easing bias combined with the Fed's tightening bias should push the AUD (Australian dollar) lower towards 0.74 during the months ahead, although recent BOE and BOJ easing have made the AUD even more attractive to global investment flows such that a test of 0.77 is possible first," Mr Speizer said.

The Aussie was also buying ¥78.05, 68.93 euro cents and 59.24 pence. 

Source from: http://www.afr.com/markets/currencies/aussie-climbs-above-us77c-kiwi-firms-even-as-rbnz-cuts-rates-for-sixth-time-20160810-gqptcq


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