PERTH: The Australian dollar has powered higher, extending a winning streak after US Federal Reserve policymakers cited a global China-led economic slowdown as a major concern.
At 3.55pm (AEDT) today, the currency was trading at a six-and-a-half week high of US72.89c, up from US71.77c yesterday.
Commonwealth Bank economists said during the course of the week the Aussie had lifted some two US cents in a “relief rally”.
“The combination of a neutral policy stance out of the RBA, a weak US labour report and a pick-up in commodity prices supported the Australian dollar over the week,” they said.
