Aussie dollar backslides towards 71 U.S. cents

Xinhua News,SYDNEY
2020-10-07 08:15

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SYDNEY, Oct. 7 (Xinhua) -- The Australian dollar lost ground against the greenback on Wednesday, responding to a risk-off shift spurred by statements from U.S. President Donald Trump.

At 07:00 (AEST), the Australian dollar was buying 71.14 U.S. cents, down from 71.85 U.S. cents on Tuesday.

In a tweet, Trump called for an end to fiscal stimulus negotiations until after the upcoming U.S. election, a call which surprised most observers.

"FX majors remained in tight ranges during the bulk of the European and U.S. trading sessions until the Trump tweet sparked risk aversion, driving the haven USD higher and risky currencies lower," Westpac Bank economists said in a morning note.

At 09:30 (AEST), the local unit was buying 71.07 U.S. cents.
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