The Australian dollar has crept a tad higher against its US counterpart.

At 0635 AEDT on Tuesday, the Australian dollar was worth 76.65 US cents, up from 76.61 US cents on Monday.

Westpac’s Imre Speizer says that while US equities had enjoyed a boost by the expected economic growth implications of US tax reform, the US dollar had been subdued overnight, along with bond yields.

“The US dollar index is 0.3 per cent lower on the day,” he said in a Tuesday morning note.

“(The) AUD nudged a little higher from 0.7655 to 0.7678.”

The key local event risk on Tuesday would be the release of the Reserve Bank of Australia’s policy meeting minutes and what they may say about the central bank’s expectations for the Australian economy.

Speizer said he thought the local currency had further gains in store over the next day.

“(If it) retains upward momentum, the next technical target 0.7730 (a 2 November high), as long as the USD remains restrained.”

The Aussie dollar is a tad lower against the yen and has fallen against the euro.

AAP

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