Money Aussie dollar teeters on the edge of 79 US cents

15:54  13 january  2018
15:54  13 january  2018 Source:   MSN

The Australian dollar continues to rally

  The Australian dollar continues to rally The Australian dollar continued to rally on Tuesday, hitting yet another multi-month high against the greenback. Here's the scoreboard as at 8.10am AEDT. AUD/USD0.7832,0.0029,0.37%AUD/JPY87.91,0.02,0.02%AUD/CNH5.0908,0.0091,0.18%AUD/EUR0.6491,-0.0005,-0.08%AUD/GBP0.5759,-0.0018,-0.31%AUD/NZD1.1015,0.0036,0.33%AUD/CAD0.9791,-0.001,-0.10%After starting the session buying .7803, the AUD/USD rallied on the back of stronger-than-expected Chinese economic data, strength in Chinese stocks and broad-based US dollar weakness, eventually hitting a high of .7844 before easing lower in the second half of the session.

While the Aussie dollar was strong against the US dollar , it has fallen against the yen and the euro. Currency snapshot at 0635 aedt on friday. One Australian dollar buys: * 78.92 US cents , from 78.74 on Thursday. * 87.66 Japanese yen, from 88.04 yen.

Aussie dollar teeters on the edge of 79 US cents . Business news. Jewellery chain Michael Hill International says a flat performance in Australia and a sharp fall in the US have offset solid sales growth in New Zealand and Canada.

  Aussie dollar teeters on the edge of 79 US cents © Joel Carrett/AAP ImageThe Australian dollar has extended the gain it enjoyed from November's better-than-expected retail trade figures.

At 0635 AEDT on Friday, the Australian dollar was worth 78.92 US cents, up from 78.74 US cents on Thursday.

Local retail sales rose 1.2 per cent to $26.4 billion in November, seasonally adjusted, beating the 0.4 per cent rise economists had predicted.

It is the third consecutive month of growth following a rise of 0.5 per cent in October and 0.2 per cent in September.

Meanwhile, the US dollar has weakened following a fall in US producer prices.

The US dollar index, which measures the greenback against six rival currencies, was down 0.57 per cent at 91.808, after falling to a near-one-week low 91.808.

Australia, New Zealand dollars supported by global commodity demand

  Australia, New Zealand dollars supported by global commodity demand <p>The Aussie dollar (AUD=D4) was steady at $0.7826</p>The Aussie dollar (AUD=D4) was steady at $0.7826, having made a fresh three-month top at $0.7845 overnight. It faces stiff chart resistance at $0.7884 and $0.7898, twin peaks from October.

Aussie dollar teeters on the edge of 79 US cents . At the time of publishing Bitcoin was trading at $ US 13,334 after a horror night saw it lose nearly 0 due to murmurs South Korea would soon ban all cryptocurrencies.

Aussie dollar teeters on the edge of 79 US cents . Meanwhile, the Australian dollar is marching toward 79 US cents , extending the gains it made following Thursday's better-than-expected retail trade figures for November.

The greenback extended losses after data showed US producer prices fell for the first time in nearly one-and-a-half years in December amid declining costs for services.

Weak inflation at the producer level could add to concerns that the factors restraining inflation could become more persistent and result in the Federal Reserve being more cautious about raising interest rates in 2018, Reuters reported.

While the Aussie dollar was strong against the US dollar, it has fallen against the yen and the euro.

CURRENCY SNAPSHOT AT 0635 AEDT ON FRIDAY

One Australian dollar buys:

* 78.92 US cents, from 78.74 on Thursday

* 87.66 Japanese yen, from 88.04 yen

* 65.55 euro cents, from 65.87 euro cents

(*Currency closes taken at 1700 AEDT previous local session)

The Australian dollar has had another strong session .
The AUD has kicked off the week with a bang. And if the current uptrend continues, it looks likely to break through the US80c mark -- for the first time since last September -- sooner rather than later. Here's today price action on a five-minute chart, via Investing.com:© Provided by Business Insider IncWhile that recent strength against the greenback has partly been driven by sustained US dollar weakness, the Aussie was higher today against all the major trading pairs. According to AxiTrader's Greg McKenna, the outlook for commodities is helping to underpin the Aussie's recent strength.

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