Dollar drops below 78 US cents
Updated: Dec 15, 2017
THE Australian dollar has slid from its two-year high against its US counterpart, falling back below 78 US cents. At 0630 AEST on Tuesday, the Australian dollar was worth 77.97 US cents, sliding from 78.10 US cents on Monday.
The local currency had reached above 78 cents for the first time since June 2015 after the US dollar slipped against major currencies to its lowest level since September 2016 on the back of weaker-than-expected economic data that made the market less confident of Federal Reserve rate rises.
A partial recovery in Australia’s key commodity prices, after very steep declines in April and May, also helped lift the dollar on Monday. But the US dollar bounced back slightly overnight, although the local currency also fell against the yen and the euro.
CURRENCY SNAPSHOT AT 0630 AEST ON TUESDAY
One Australian dollar buys:
* 77.97 US cents, from 78.10 on Tuesday
* 87.80 Japanese yen, from 87.92 yen
* 67.92 euro cents, from 68.15 euro cents
(*Currency closes taken at 1700 AEST previous local session)