At the Asian market open 07:00 (AEST), the local unit was trading at 70.15 U.S. cents.
“An impending interest rate cut and speculation that the U.S. treasury may intervene in currency markets are the twin drivers of the dollar weakness,” CMC Markets’ chief market strategist Michael McCarthy told investors in a morning note.
“The falls on Friday are all the more remarkable given producer prices were firmer than forecast and core CPI is above the Fed’s 2.0 percent target,” he added. At 09:00 (AEST), the Australian currency was buying 70.20 U.S. cents.
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