(Australian Associated Press)
The Australian dollar is lower against its US counterpart which reached a three-week peak against a basket of currencies.
At 0635 AEDT on Wednesday, the Australian dollar was worth 75.50 US cents, down from 76.74 on Tuesday.
The Aussie dollar strengthened after a positive NAB business survey and stronger-than-expected economic data out of China.
But, the US dollar rose to a three-week peak against a basket of major currencies on Tuesday as investors raised their outlook on a faster pace of US rate increases following comments from Federal Reserve chair Janet Yellen.
Yellen’s remarks, the US Senate Banking Committee reinforced recent remarks from other Fed policy-makers who like to see a faster adjustment to rates seen appropriate at this point of the economic expansion
The US dollar index had slipped after US president Donald Trump’s national security adviser Michael Flynn quit in a controversy relating to Russia. Flynn’s resignation raised worries about the Trump administration’s ability to implement its economic policies, including planned tax cuts, which have been seen as bullish for the greenback and stocks.
CURRENCY SNAPSHOT AT 0635 AEDT ON WEDNESDAY
One Australian dollar buys:
* 76.50 US cents, 76.74 from Tuesday
* 87.35 Japanese yen, from 86.98 yen
* 72.36 euro cents, from 72.27 euro cents
(*Currency closes taken at 1700 AEDT previous local session)