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Aussie dollar up on rebound in oil,commodities

Xinhua, December 15, 2015 Adjust font size:

The Australian dollar has posted an almost half a U.S. cent gain following a rebound in oil and commodity prices overnight.

At 0700 local time (AEDT) on Tuesday, the currency was trading at 72.43 US cents, up from 72. U.S. cents at Monday's Asian close.

The Australian dollar lifted overnight after oil prices rose on a short-covering come-back and commodities bounced to new record lows with key iron ore posting a gain, showing signs it is responding to news that Chinese smelters are being cut back, IG market strategist Evan Lucas said.

However, the moves are somewhat counterintuitive as there is still some concern about global markets, Bank of New Zealand senior market strategist Kim Martin said.

"It could just be some positioning up ahead of the end of year," Martin said.

At 0955 local time (AEDT), the local unit was trading at 72.47 U.S. cents. Endit