Australian Dollar Mixed

At 1200 AEDT on Wednesday, the local unit was trading at 74.86 US cents, up from 74.80 cents on Tuesday.

The improvements in the US economy have investors strongly pricing in a US interest rate rise in December.

Stephen Innes, senior currency trader at CFD and FX broker OANDA Australia and Asia Pacific, said the Aussie had been resilient in the face of a stronger US dollar and weakness in the iron ore sector.

“The Aussie was holding its ground despite big falls in iron ore prices,” Mr Innes said on Wednesday.

After trading above the psychological $US80 a ton level for the first time in two years, industrial metals dropped more than six per cent in response to China’s pulling of punitive sanctions on its domestic coal industry, Mr Innes said

The West Australian

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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes