SYDNEY: The Australian dollar is higher against a greenback hit by softer than expected US economic data.
At 7am (AEST), the local currency was trading at US74.04 cents, up from US73.81 cents yesterday.
ANZ senior FX manager Sam Tuck said downbeat economic data in the US had sent the greenback lower, helping to support the local currency.
The Philadelphia Federal Reserve business outlook index fell from 15.2 to 5.7, beneath expectations, and reflecting broad based weakness among the components.
“There was a little bit of a bounce in the Aussie dollar overnight at least partially driven by the weaker Philadelphia Fed, there was a bit of a broad based US dollar sell-off after that came through,” Mr Tuck said.
There will be very little local news today, and traders are looking ahead to US inflation data for June due out overnight.
Westpac strategist Imre Speizer tipped the Aussie to trade towards US75 cents today.
