The Australian dollar has continued its momentum in Asian trade, climbing above US75 cents a short time ago.
In a relatively quiet day on markets, the Aussie is finding more buyers after gaining 0.35% against the greenback overnight:
The Aussie climbed further above US75 cents as European markets opened but has since retreated slightly.
Commonwealth Bank’s currency strategist Elias Haddad said there’s no specific event that’s driving the AUD’s recent gains.
Instead, he said the global macro outlook was relatively positive for the Aussie dollar, and that was supporting capital flows into the currency.
“Support for AUD is being generated by Australia’s well performing economy, a firm global economy and the likelihood that base metal and other industrial commodity prices are finding a base,” Haddad said.
“Australia’s structurally improved current account deficit is also lending support to AUD.”
It’s been an otherwise quiet session on markets, with the ASX200 slightly lower. Stocks are also little-changed on the Hong Kong, Shanghai and Tokyo indexes.
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