The Australian dollar was retaining its ground Friday, despite the US dollar enjoying its surge in the wake of escalated interest rate hike bets and firm jobs data.
The Aussie traded at 77.17 US cents up, from Thursday’s 76.99 US cents. The currency ended at 72.26 euro cents from 71.38 euro cents, and 52.42 British pence from 51.77 British pence.
Traders expect the Federal Reserve to increase rates sooner than expected after the Fed’s policy meeting this week, and recent strong data,” said Stephen Innes, Senior Trader at OANDA.
He added the currency was gaining short-term support from numerous factors, including the Reserve Bank of Australia’s decision to retain rates.
The material has been provided by InstaForex Company – www.instaforex.com