The Australian dollar is flat amid conflicting pressures from oil and iron ore prices.

At 0700 AEST on Friday, the currency was trading at 73.24 US cents, almost unchanged from 73.20 cents on Thursday.

BK Asset Management managing director of FX strategy Kathy Lien says oil prices rose to seven-month high of US$47 a barrel on the back of International Energy Agency forecasts of falls on non-OPEC production and increasing global demand.

She said the crude price rise boosted commodity currencies like the Aussie, but iron ore prices falling to a two-month low had pushed it lower.

“All of these factors put significant pressure on the Australian dollar,” Lien said.

The only local risk event for the currency on Friday is the release of official lending finance figures for March.

AAP

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