The Australian dollar is higher in late trade today .once again fending off strong data out of the US.
At 5.50pm (GMT) the Aussie dollar was trading at US72.08c up from US71.96 in yesterday’s trade.
The latest durable good figure from the US rose 4.9 percent last month against expectations of a 2.5 percent rise and well up on the previous figure of – 5 percent.
This is the second time in a matter of days that the Aussie dollar has fended off strong data out of the US taking into account the strong home sales figures on Tuesday.
The strength in the Australian dollar may be attributed to the rebound in the Iron ore price which is the country’s most important commodity and is up over 15 percent this year, remaining above US$50 a tonne.
As long as the price of iron remains stable and the oil price continues to rebound we may see the Australian dollar remain stable, and well supported as we go forward.
We may also hear some noise from America after the latest durable goods figure which may see the US Federal Reserve gear up for another interest rate hike in March which will be bad news for the Australian dollar.
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