$A is slightly lower against sinking $US

Chris Hutchings
(Australian Associated Press)

 

The Australian dollar is slightly lower against its US counterpart, which has fallen to a three-month low in its first trading session for 2018, but has plunged against the yen and the euro.

At 0635 AEDT on Wednesday, the Australian dollar was worth 78.30 US cents, down from 78.39 US cents on Tuesday.

The US dollar has fallen amid market expectations of a slower pace of interest rate increases by the Federal Reserve with a tepid US inflation picture.

The US dollar index hit a three-and-a-half-month trough of 91.751 and was last down 0.1 per cent at 91.996, extending its negative momentum of 2017, the greenback’s weakest annual performance in 14 years, into the new year.

Some strategists said traders were wary of taking big positions ahead of Wednesday’s scheduled introduction of the wide-ranging EU financial markets directive known as MiFID II, aimed at making European markets more transparent and providing better value for investors. Reuters reported.

The Aussie dollar has plunged against the yen and the euro.

CURRENCY SNAPSHOT AT 0635 AEDT ON WEDNESDAY

One Australian dollar buys:

* 78.30 US cents, from 78.30 on Tuesday

* 87.94 Japanese yen, from 88.34 yen

* 64.99 euro cents, from 65.20 euro cents

(*Currency closes taken at 1700 AEDT previous local session)

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