PERTH: The Australian dollar has weakened ahead of a speech by Reserve Bank governor Glenn Stevens.
The local currency fell overnight during offshore trade before modest gains in local morning trade ahead of Mr Stevens’ address at a lunch hosted by the American Chamber of Commerce in Australia.
The Australian dollar was worth US76.67c at 12pm (AEDT), down from US77.30c on Thursday.
“The market might be hoping to learn something about the RBA’s proclivity to cut rates again and how soon,” National Australia Bank global co-head of FOREIGN EXCHANGE
strategy Ray Attrill said.
The Australian dollar rose above US78c on Thursday after the US Federal Reserve signalled it was in no hurry to raise rates.
It began to fall back on Thursday night as bargain hunters bought the greenback, and renewed worries about Greece also boosted the US dollar.
