Aussie dollar hits fresh 15-month high on weakening greenback

| 28.07,20. 10:53 AM |

Aussie dollar hits fresh 15-month high on weakening greenback

This morning the Aussie dollar was buying 71.55 US cents. (AAP)

The Australian dollar has hit a fresh 15-month high as a depreciating US dollar and soaring gold prices boost the value of our local currency.

This morning the Aussie dollar was buying 71.55 US cents, a value not seen since early 2019.

Yesterday, Christopher Kent, Assistant Governor of Financial Markets at the RBA, said the "unprecedented" support given to residents during the pandemic has served the nation well.

"In response to the severe impact of the pandemic on economic activity and financial markets, the Australian authorities have provided unprecedented support, including via fiscal, monetary and prudential policies," Mr Kent said.

"Monetary policy has been focused on supporting the economy by keeping the cost of borrowing low and helping to maintain the supply of credit to households and businesses."

Earlier this month, during his monetary statement, RBA Governor Philip Lowe stressed the health of Australia's economy despite suffering its biggest recession since the Great Depression.

"The Australian economy is going through a very difficult period and is experiencing the biggest contraction since the 1930s," Mr Lowe said.

"Since March, an unprecedented 800,000 people have lost their jobs, with many others retaining their job only because of government and other support programs. Conditions have, however, stabilised recently and the downturn has been less severe than earlier expected.

"While total hours worked in Australia continued to decline in May, the decline was considerably smaller than in April and less than previously thought likely."

The benchmark S&P/ASX 200 is currently trading at 6,088.9 points, up almost 1 per cent in early trade.


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