Aussie dol­lar gain­ing shine

Townsville Bulletin - - BUSINESS -

THE Aus­tralian dol­lar has con­sol­i­dated re­cent gains as fears over trade tar­iffs faded for the mo­ment, while a po­lit­i­cally in­spired pull­back in ster­ling put a squeeze on short po­si­tions.

The Aussie dol­lar was firm at US74.75c yes­ter­day, hav­ing touched a three- week peak at US74.84c overnight. A break of re­sis­tance around US74.40c had trig­gered stop- loss bids, with the spec­u­la­tive mar­ket short after weeks of sell­ing.

It was aided by a sharp fall in ster­ling as min­is­te­rial res­ig­na­tions threw the Bri­tish gov­ern­ment of Prime Min­ster Theresa May into tur­moil. The pound had pulled back to $ A1.7727, hav­ing been as high as $ A1.7938 early on Mon­day.

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