The Australian dollar is higher against its US counterpart despite the US dollar index strengthening with traders squaring positions ahead of the weekend.

At 0635 AEST on Monday, the Australian dollar was worth 75.81 US cents, up from 75.38 US cents on Friday.

Westpac’s Imre Speizer said pro-risk currencies had been pushed higher with markets anticipating pro-EU early results from the French elections.

The greenback, pressured lately by weaker-than-expected economic data and worries about the Trump administration’s ability to pass tax and fiscal stimulus legislation, rose on Friday as traders squared up positions ahead of the weekend.

The US dollar index, which tracks the US currency against a basket of six major rivals, was up 0.14 per cent at 99.913. The greenback added to gains after President Donald Trump’s told the Associated Press that he will soon unveil a tax plan that includes “massive” tax cuts for individuals and businesses.

The Australian currency is also higher against the yen but down against the euro.

AAP

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