Aussie dollar weaker but still above 76 US cents

A combination of firming US dollar and shares, lower commodity prices and mixed messages from central banks has pushed the Aussie dollar lower

The Aussie dollar is slightly weaker on mixed signals, but there’s a chance it can consolidate recent gains against the greenback.

At 0700 AEDT on Monday, the local unit was trading at 76.07 US cents, down from 76.41 cents on Friday.

Westpac economists say a combination of firming US dollar and shares, lower commodity prices and mixed messages from central banks has pushed the Aussie dollar lower.

‘The week ended on a mixed note, markets appearing content to digest the recent barrage of central bank announcements,’ they said in a note.

However, the Westpac economists said that although the Aussie dollar was lower, it had a chance of consolidating recent gains against the greenback.

‘(The dollar’s) upward momentum remains intact but needs the 76 US cent area to hold today,’ they said.

There are no local risk events expected for Monday, but overnight (AEDT) US home sales data is due to be released as well as the US Federal Reserve Bank of Chicago’s national activity report.

At 7am on Monday, 21 March one Aussie dollar was buying:

76.07 US cents, from 76.41 cents on Friday*

84.94 Japanese yen, from 85.21 yen

67.60 euro cents, from 67.54 euro cents

111.90 New Zealand cents, from 111.70 NZ cents

52.71 British pence, from 52.82 pence

Currency closes taken at 1700 AEDT previous local session

AAP

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