Aussie dollar holding its ground

(Australian Associated Press)

The Australian dollar is moving within a narrow range and remains relatively steady against the US dollar.

The local currency was trading at 72.66 US cents at 1200 AEDT, up from 72.52 US cents on Tuesday.

AxiTrader chief market strategist Greg McKenna said the recent recovery in iron ore prices and improving investor sentiment were supporting the Aussie dollar, but the US dollar is also on the rise.

Optimism around US President-elect Donald Trump’s ability to drive economic growth was bolstering the greenback, he said, as was the prospect of higher Us interest rates.

CURRENCY SNAPSHOT AT 1200 AEDT ON WEDNESDAY

One Australian dollar buys:

* 72.66 US cents, from 72.52 US cents on Tuesday

* 85.67 Japanese yen, from 85.35 yen

* 69.94 euro cents, from 69.76 euro cents

* 104.97 New Zealand cents, from 104.76 NZ cents

* 58.81 British pence, from 58.51 pence

BOND SNAPSHOT

* CGS 5.25 per cent March 2019, 1.986pct, up from 1.946pct on Tuesday.

* CGS 4.25pct April 2026, 2.808pct, up rom 2.794pct.

Sydney Futures Exchange prices:

* March 2017 10-year bond futures contract was at 97.09 (implying a yield of 2.91pct), down from 97.115 (2.885pct) on Tuesday.

* March 2017 3-year bond futures contract was at 97.88 (2.12pct), down from 97.92 (2.08pct) on Tuesday.

(*Currency closes taken at 1700 AEST previous local session, bond market closes taken at 1630 AEST previous local session)

Source: IRESS

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