USD-RMB: 6.4169  HKD-RMB: 0.82067  EUR-RMB: 7.8574  AUD-RMB: 5.1400 Jan 21, 2018 Sunday

Australian Dollar Surges amid Trump Uncertainty

2017-01-12 09:09:49.0
The Australian dollar surged over half a cent in trading on Thursday as uncertainty looms over the policy platform of incoming U.S. President Donald Trump after his first press conference Wednesday.

The Aussie dollar was trading at 74.45 US cents as of 9 a.m. Sydney time, up from 73.74 U.S. cents it finished on Wednesday.

In a note, Westpac Bank senior market strategist Imre Speizer said that Trump's press conference did nothing to allay the fears of the market, as no specific fiscal policies were mentioned. This led to the U.S. dollar falling against the major currencies, including the Australian dollar.

"It was not as market friendly as the pro-growth acceptance speech he gave in November" Speizer said.

Speizer continued to say that although Trump did revert to his often repeated phrase "making America great again", he failed to provide information regarding infrastructure spending, tax reform, and the potential for border adjusted taxation.

The Australian share market was tipped to uptick this morning, despite sluggish Wall Street performance on the back of incoming President Trumps policy positions. (Source: Xinhua)

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