Australian dollar falls – Inside Retail

The Australian dollar has fallen Monday, buying 71.66 US cents from 71.92 US cents on Friday.

Last Friday, the local currency is higher after a report of progress in the US-China trade dispute buoyed encouraged traders to move into higher-risk, higher-yielding investments.

The blip came after the Wall Street Journal reported US Treasury Secretary Steven Mnuchin had discussed lifting some or all tariffs imposed on Chinese imports to help push negotiations forward.

However, a Treasury spokesman later denied the report, saying no recommendations had been made and a deal was “nowhere near”.

Even the hint of possible concessions was enough to boost Asian share markets and lift the Aussie to 72.01 US cents from a low of 71.46 US cents on Thursday. That left it down 0.2 per cent for the week.

The New Zealand dollar stood at 67.62 US cents, after getting as far as 67.86 US cents. It was off one per cent for the week so far, but up from a 67.28 US-cent trough.

Dealers suspect speculators have been shorting the kiwi on expectations that key inflation data due next week will prove soft enough to fuel speculation of a cut in interest rates.

The Australian Bureau of Statistics is set to release lending finance data for November at 1130 AEDT.

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Source link Finance News Australia

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