$A surges against $US

(Australian Associated Press)

The Australian dollar is up almost half a cent against its weakening US counterpart amid a surge in the prices of iron ore and oil.

The US dollar fell in the wake of the decision to delay a US Senate vote on a bill to repeal and replace Democratic former President Barack Obama’s 2010 healthcare law.

It also touched its lowest level against the euro in a year after hawkish comments from the head of the Bank of England added to speculation that monetary policy in Europe was turning hawkish.

Meanwhile, the price of iron ore lifted $US5.5, or more than four per cent, to $US62.25, and oil also rose, with Brent crude up 1.59 per cent and WTI gaining 1.27 per cent.

At 0635 AEST on Thursday, the Australian dollar was worth 76.42 US cents, up from 75.97 US cents on Wednesday.

The local currency is also higher against the yen and the euro.


CURRENCY SNAPSHOT AT 0635 AEST ON THURSDAY

One Australian dollar buys:

* 76.42 US cents, from 75.97 on Wednesday

* 85.80 Japanese yen, from 85.34 yen

* 67.16 euro cents, from 66.90 euro cents

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

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