Aust dollar lifts in late trade


The currency then took a hit on disappointing Chinese data before continuing its march higher following the RBA's decision to keep the cash rate at 2. 5 per cent, he said. "We had a pretty poor services purchasing managers' index from China which put the Australian dollar on the back foot," Mr Solar said. "It found its lows for the day around US93. 16c on the back of that number, which came in at nine year lows. "But all focus was on the RBA today, with the markets hoping for some sort of roadmap, clarification as to where interest rates are going in Australia. "The RBA said things were okay as they are and that leaves the market to believe that we're going to be where we are in terms of interest rates for some time, possibly into next year. "That gave a bit of a boost to the Australian dollar and it's been grinding higher ever since.

Read more here: Business Spectator


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