The Australian dollar has jumped higher in today’s trading session after another rise in the Iron ore price increased investor interest in the local currency.
At 12.06pm (GMT) the Aussie dollar was trading at US74.87c up from US74.78c in yesterday’s trading.
Iron ore ,Australia’s biggest export jumped more than 3 percent overnight and some say the rally is far from over.
As long as the upward trend in Iron ore continues the Aussie dollar is expected to follow right behind and also push higher.
“The US dollar’s slippage overnight and iron ore prices give the AUD modestly positive momentum,” Westoac strategist Imre Speizer said
Although the Australian dollar may have further to climb, some say that there is a limit to how high it will go, and depends on a number of factors such as US dollar Strength and President elect Trump when he takes office in January.
“Our fitted fair value models suggest that the A$ is cheap at the moment and we remain of the view that a push towards 0.7500/50 looks likely, but should remain capped by a strong US$ and concerns about Trump's 'tariff and trade" policies,” says Westpac’s FX Strategist Robert Rennie.
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