Dollar steady ahead of G20 summit
The Australian dollar continued its move higher after a rally in the yen helped push the US dollar lower.
The local currency was trading at $US1.0364, up from $US1.0350 on Thursday.
Westpac chief currency strategist Robert Rennie said the Australian dollar traded in a narrow range on Friday but remained well supported.
‘‘We’ve spent the last two or three trading sessions looking like we’re set to trade a bit higher,’’ he said.
He said the main focus for currency markets on Friday was the Japanese yen, which had moved higher and helped push the US dollar lower, ahead of a meeting of G20 finance ministers in Moscow.
‘‘It’s more about the yen and that is where the interest is at,’’ Mr Rennie said.
The yen has fallen sharply in value in recent months following monetary easing by the Bank of Japan, and markets expect the lower value of yen to be the subject of criticism at the G20 meeting.
Mr Rennie said the Australian dollar was likely to continue to move higher early next week.
‘‘I wouldn’t be surprised to see us pushing a bit higher next week, towards 104.50 US cents,’’ he said.