The Australian dollar has pulled back in late trading today after jumping earlier in the session on the back of an interview with US president elect Donald Trump.
At 7.19pm (GMT) the Aussie dollar was trading at US75.36c down from US75.39c in yesterday’s trading.
In an interview with the Wall st Journal Trump noted that the US dollar was currently trading too high and was having a major effect on US business.
He blamed China for the problems and said they were manipulating their currency by keeping it artificially low to keep their products on the world stage more competitive.
"Our companies can't compete with them now because our currency is too strong. And it's killing us," Trump said.
Trump’s Statement seems to fully contradict some of his election promises where he promised to boost spending on infrastructure, as well as introduce major tax cuts which would only make the greenback more attractive for investors.
"I would put today's dollar weakness down to noise rather than a structural shift. If Trump wants to become as growth-generative as he's planning to be and you don't have the same fiscal push coming from the rest of the world, then it's a question of where does the capital flow to. The dollar is the tallest pygmy." said Fredrik Nerbrand, global head of asset allocation at HSBC in London.
"The dollar is the guiding light at this point, and all eyes are on the shape US policy will take," he added.
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