The Australian dollar has gotten stronger thanks to higher oil and iron ore prices, as the unit is now trading at US76.27 cents, up from US75.77 cents yesterday.
However, according to Westpac economists the dollar is facing strong downward pressure from a firming greenback.
“This downward correction targets sub-US75.70 cents today,” they said in a note.
The country’s economy grew quicker than forecasted late last year, prompting investors to pare bets on monetary easing and making the local currency one of the chief beneficiaries of recent weakness in the greenback.
Source: The Australian