Australian dollar drops below 94 US cents

We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later.

Advertisement

This was published 9 years ago

Australian dollar drops below 94 US cents

Updated

The Australian dollar has drifted back below US94¢ as the greenback strengthens on dwindling risk appetite.

At 10:15am AEST on Monday, the local currency was trading at US93.92, down from 94.15 cents on Friday.

The US dollar was supported by euro weakness, Bank of New Zealand currency strategist Raiko Shareef said.

"The Australian dollar on Friday was a bit softer on the back of broad-based US dollar strength, which was mainly driven by euro weakness," Mr Shareef said.

"This morning, it's a little bit subdued and we think it's about weariness on geopolitical concerns, especially the fact that the European Union looks like it's stepping up its sanctions on Russia, which definitely has taken the edge off risk sentiment."

Australian earnings season kicks off this week and there’s also some key economic news and data, with the release of Chinese and European manufacturing figures, US gross domestic product and employment figures as well as the Federal Reserve's July monetary policy decision.

On the local calendar, the main event will be Thursday's building approvals figures for June.

AAP

Most Viewed in Business

Loading