The Australian dollar is lower as US stocks fall following President Donald Trump’s sacking of Rex Tillerson as secretary of state.

At 0635 AEDT on Wednesday, the local currency was worth 78.53 US cents, down from 78.72 US cents on Tuesday.

The Australian dollar initially rose early in the offshore session after the release of subdued US inflation figures, but then followed Wall Street lower, as Tillerson’s sacking caused uncertainty on financial markets.

One Australian dollar buys 83.66 Japanese yen, from 84.06 yen and 63.36 euro cents, from 63.86 euro cents.

AAP

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