$A falls against $US

(Australian Associated Press)

The Australian dollar is sharply lower against its US counterpart after the US dollar gained for a fifth straight session, rising to a more-than-one-week high.

At 0635 AEDT on Wednesday, the Australian dollar was worth 76.34 US cents, down from 76.80 US cents on Tuesday.

The US dollar climbed to a more than one-week high as it gained for a fifth straight session, bolstered by technical buying after recent losses, as well as political uncertainty in Europe with a slew of elections this year.

“The (US) dollar is benefiting from mounting political uncertainty ahead of a number of crucial elections in the euro zone and from buying by bargain-hunters, looking to pick up the greenback following its worst start to the year in 30 years,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

CURRENCY SNAPSHOT AT 0635 AEDT ON WEDNESDAY

One Australian dollar buys:

* 76.34 US cents, from 76.80 US cents on Tuesday

* 85.61 Japanese yen, from 85.88 yen

* 71.39 euro cents, from 71.68 euro cents

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

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