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Australian dollar slightly weaker

Xinhua, November 10, 2015 Adjust font size:

The Australian dollar is slightly weaker overnight, trading in a tight range as the U.S. dollar's post-jobs rally ends.

At 0700 AEDT on Tuesday, the currency was trading at 70.48 U.S. cents, down from 70.65 U.S. cents at Monday's Asian close.

The greenback has levelled off its strong serge on Monday after the release of positive U.S. employment data that beat market expectations, which saw the Aussie fall to a one-month lows.

The U.S. data release heightened expectations the country's central bank will "lift off" rates in December, though debate is now focused on if this it will be a one-off lift, or the first of many, BK Asset Management director of FX strategy Boris Schlossberg said.

"In the case of 'one and done' the market is much more likely to sell the US dollar on the news rather than buy it," Schlossberg said.

Tuesday's release of Australia's September home lending data and China's October inflation data could see intra-day volatility for the local unit, CommSec currency strategists said in their morning note.

The strategists however predict the Aussie dollar to fall below 70 U.S. cents through the week as more Chinese economic data is released.

At 0932 local time (AEDT) the Australian dollar was trading at 70.44 U.S. cents. Endit