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    Australian dollar update

    The Australian dollar is under pressure today heading for a new 6 year low giving back all of the gains from yesterday on the back of a jump in commodity prices .

    Weighing on the currency was the latest GDP data out of the US which although came in slightly below expectations at 2.3% was enough to  keep the US Federal reserve on track to raise interest rates at some time this year.

    LTG GoldRock director Andrew Barnett said that although US gross domestic product came in a little weaker than anticipated it did boost inflation, which in turn drove the US dollar up against major currencies.

    "We saw a spike higher on the US dollar versus most of its major peers," he said.

    "Last night's number shows there's a little glimmer of hope for inflation," he said.

    "That's what they really want - everything else is in line in the states for a rate rise."

    The lack of inflation in the US has been one of the main reasons they have held off raising rates for so long but this concern may be over.

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