The Australian dollar has been boosted by greenback weakness following a mixed batch of US data.

At 0700 AEDT on Tuesday, the local unit was trading at 75.44 US cents, up from 74.94 cents on Thursday.

February US consumer spending rose marginally and overall inflation retreated — factors that may impact on the US Federal Reserve’s decision on raising interest rates in 2016.

JP Morgan economists said the consumption figures got an “ugly haircut”.

“US consumer spending beat expectations in February but a large downward revision to January makes the report a negative for first quarter,” they said.

Westpac economists said while the local calendars were bare today, a speech on Tuesday night by Fed Chair Janet Yellen will be closely watched.

“Momentum remains positive, targeting above 75.60 US cents,” they said.

AAP

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