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Aussie dollar trading above 71 U.S. cents

Xinhua, November 2, 2015 Adjust font size:

The Australian dollar has edged slightly higher at Monday's Asian open though giving back some earlier gains on softer than expected Chinese manufacturing data.

At 07:00 local time (AEDT) on Monday, the currency was trading at 71.18 U.S. cents, up from 71.02 U.S. cents on Friday.

The Australian dollar had reversed some gains during the weekend on a slightly softening U.S. dollar when China's official manufacturing data undershot market expectations.

Traders are now closely watching the Caixin manufacturing index, to be released on Monday.

The Aussie dollar is likely to be supported on Monday against a broadly weaker U.S. dollar, Westpac Currancy Strategist Imre Speizer said.

"But (it) should be capped by 72 US cents," he said.

CommSec strategists tip the Aussie to slip below 70 U.S. cents this week due to the overall mix of foreign and local influences.

At 09:52 local time (AEDT), the Australian dollar was trading at 71.36 U.S. cents. Enditem