Aust dollar rallies at open

Currency firms in absence of US news, traders taking cues from Wall St.

The Australian dollar is firmer as Wall Street rallies ahead of the United States earnings season.

At 0630 AEST on Tuesday, the local unit was trading at 91.35 US cents, up from 90.58 cents on Monday.

With no major US news released on Monday night, traders appeared to take direction from the rise in US stocks, where the Dow Jones Industrial Average gained 0.59%, the broad-based S&P 500 added 0.53% and the tech-rich Nasdaq Composite Index put on 0.16%.

The Australian dollar took a hit on Monday after a better-than-expected jobs report for June boosted the greenback.

But the Wall Street gains appear to be buoying risk appetite on Tuesday morning, which in turn helps the Australian dollar.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles