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Aussie dollar continues slide lower

Xinhua, November 21, 2016 Adjust font size:

The Australia dollar is continuing its slide lower despite remaining relatively supported against its Asian peers from a strengthening greenback.

At the Asian open on Monday, the Australian dollar was trading at 73.24 U.S. cents, down from 73.89 U.S. cents.

The greenback is expected to continue its leg up throughout the week with interest rate markets have only price one U.S. Federal Reserve rate hike in 2017.

"We think that is too few rate hikes for an economy close to full employment and about to receive (U.S. President-elect) Trump's large fiscal stimulus in 2017," Commonwealth Bank of Australia currency strategist and international economist Joseph Capurso said in a note.

"The Australian dollar will continue to trend lower this week if the U.S. dollar's cyclical uptrend continues."

The Australian dollar has remained relatively supported compared to weaknesses seen across Asian currencies against the U.S. dollar, though commodity prices are again beginning to decline.

At 0945 local time (AEDT), the Australian dollar was trading at 73.28 U.S. cents. Endit