Dollar inches up on weak US data

The Australian dollar is a third of a US cent higher after solid gains on Wall Street on Friday.

Earlier this morning, the local unit was trading at 90.39 US cents, up from 90.03 cents on Friday.

On Friday, it was reported that US new-home sales for July plunged 13.4 per cent.

US stocks rebounded as investors believed the data might mean the US Federal Reserve’s will have to continue its economic stimulus program, which in turn weighed on the US dollar and, consequently, boosted the Aussie.

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