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Australian dollar supported on Chinese stimulus announcement

Xinhua, December 22, 2015 Adjust font size:

SYDNEY, Dec.22 (Xinhua)- The Australian dollar has gained ground in offshore trade overnight, supported by lifting commodities after China announces new stimulus measures.

At 0630 local time (AEDT) on Tuesday, the Australian dollar was trading at 71.86 U.S. cents, up from 71.66 U.S cents at Monday's Asian. The local unit reached a high of 71.93 U.S. cents in offshore trade.

Most major currencies are firmer against the greenback overnight after oil dipped on U.S. President Barack Obama signing into law a bill that will end a 40-year ban on crude oil exports, almost certainly increasing supply in an already saturated market.

Meanwhile the Australian dollar found additional support "after base metal and non-oil industrial commodity prices lifted in response to statements by the Chinese government to stimulate the economy and not let it slow too much," Chief Currency Strategist at the Commonwealth Bank of Australia, Richard Grace, said.

At 0921 local time (AEDT), the Australian dollar was trading at 71.92 U.S. cents. Endit