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Dollar slips under US 93c

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The Australian dollar is weaker after stronger US data gave the greenback a boost.

Early Tuesday, the local currency was trading at 92.57 US cents, down from 92.96 cents on Monday.

The greenback got a boost overnight after US pending home sales figures came in stronger than expected and the US Dallas Fed factory index rose from 4.9 to 11.7 in April.

“There was a little bit of added strength to the US dollar from that data,” ANZ senior manager FX in Auckland Sam Tuck said.

Tuck said a lack of domestic economic data meant the Australian dollar was being driven by global events.

Anticipation ahead of data releases out of Europe this week gave the euro and sterling a boost, he said.

“We do have some interesting euro and sterling data. We’ve got first-quarter gross domestic product out of the UK and we also have German consumer price index figures,” Tuck said.

“There seems to be a rotation out of Australasian currencies and into old world currencies like the euro and sterling at the moment.”

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