The Australian dollar has rallied on the back of a broad greenback selloff triggered by weaker-than-expected US economic data.
At 7.00am (AEDT) on Thursday, the local unit was trading at US71.80c, up from US70.21c on Wednesday.
The currency climbed to a one-month high of US71.88c earlier in the session.
The
US service sector expanded in January but at a slower pace than the
previous month, causing the greenback to fall against most major
currencies.
New
York Fed President William Dudley said in an interview that continued
tightening of financial conditions would weigh on the decisions of the
Fed’s policy board
Thursday
will be fairly a quiet day for the Aussie, with traders looking ahead
to the Bank of England’s upcoming interest rate decision.
Source: BusinessSpectator
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