Aussie dollar slides against US currency overnight

The Australian dollar was trading lower due to the strength of the US currency (Photo by Miran Rijavec, CC BY 2.0)

SYDNEY, July 28— The Australian dollar slid against its US counterpart on Friday, with the US dollar strengthening after solid data results.

At the Asian open, the Australian dollar was buying 79.68 US cents, down from the 80.37 US cents it was trading at late Thursday.

The Australian dollar was trading lower due to the strength of the US currency, according to Richard Grace, chief currency strategist at CommSec, who told Xinhua in a statement that some of the gains in the US dollar could be attributed to the pulling of key support for the border-adjusted tax that had been proposed.

“Commodity prices, as well as European and US equities, put in a mixed performance overnight,” Grace said.

“Australian second quarter PPI data is out today at 11:30 (AEST) Sydney time. It generally attracts less attention now that it is released after the second quarter consumer price index.”

At 0810 local time (AEST), one Australian dollar was buying 79.68 US cents, while crude oil was trading at USD49.04 per barrel. (Xinhua)