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Australian dollar leaps amid retreat by greenback

Xinhua, June 19, 2015 Adjust font size:

The Australian dollar leapt above 78 U.S. cents in overnight trade, largely due to a sharp retreat by the greenback.

This came as Citi released a forecast for the Australian currency to fall below 70 U.S. cents next year.

But on Friday the Australian dollar was trading at 78.01 U.S. cents, up strongly from 77.31 U.S. cents on Thursday evening.

Over the past 24 hours the currency has seen a high of 78.51 U. S. cents and a low of 77.10 U.S. cents.

The Australian unit was also helped by rising commodity prices as oil, gold and copper rose in the face of the weakening U.S. dollar. Endi