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Australian dollar still above 77 U.S. cents

Xinhua, June 12, 2015 Adjust font size:

The Australian dollar is slightly lower in overnight trade after the greenback strengthened on the release of better-than-expected U.S. economic data.

On Friday, the Australian dollar is trading at 77.56 U.S. cents, lower from 77.61 U.S. cents at the market close on Thursday.

Despite the release of positive Australian employment figures on Thursday, BK Asset Management FX Strategy managing director Kathy Lien told Business Review on Friday the stronger than predicted 1.2 percent increase in U.S. May retail sales figures which strengthened the U.S. dollar overnight against all major currencies is crimping the local unit.

Lien said the impact of the Australian employment data was also offset by comments earlier in the week by the Reserve Bank of Australia (RBA) governor Glenn Stevens, indicating he was open to further interest rate cuts.

"With RBA Governor Glenn Stevens expressing frustration with the level of the currency and warning that more easing could be necessary, Australian dollar gave up all of its initial gains." Endi