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Aussie dollar flat in overnight session

Xinhua, November 3, 2015 Adjust font size:

The Australian dollar traded sideways overnight on mixed financial market developments while the market closely watches the Australian central bank meeting later on Tuesday.

At 0700 AEDT on Tuesday, the currency was trading at 71.36 U.S. cents, slightly lower from 71.40 cents on Monday.

Australia's currency market is focused on the Reserve Bank of Australia's (RBA) board meeting on Tuesday, which will generate volatility for the local unit as traders currently price a 35 to 40 percent chance of a rate cut.

Meanwhile 17 of 29 economists surveyed by Bloomberg call for a cut to rates, however CommSec analysts predict rates will remain stationary at a record low 2 percent which will temporarily lift the Australian dollar.

"However, relief rallies in [the Australian dollar] will be limited because the market will continue to price in more RBA policy easing over the medium term, we expect the [U.S. dollar] to firm and commodity prices will remain under downward pressure," said Ellias Haddad, senior currency strategist at CommSec.

At 1040 local time (AEDT), the Australian dollar was trading at 71.50 U.S. cents. Endit