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Weakening greenback sees Aussie surge 2.5 percent

Xinhua, February 4, 2016 Adjust font size:

A weakening greenback and surging oil and commodities has seen the Australian dollar gain over 1.5 U.S. cents in the past 24 hours though maintained a tight range through Asian trade.

At the close of Asian trade on Thursday, the Australian dollar was trading at 71.72 U.S. cents, up from 70.21 U.S. cents at Wednesday's close. The local unit however slipped from Thursday's 71.80 Asian open.

The Australian dollar has rallied over 2.5 percent from Wednesday's lows from a heavily sold greenback spurned by comments from New York Federal Reserve President William Dudley that current market turmoil may alter the U.S. growth outlook.

Dudley's comments indicate the U.S. Federal Reserve is less likely to tighten monetary policy as aggressively as they had been thinking.

Aussie currency strategists have told Xinhua the current rally could see the local unit trading as high as 75 U.S. cents as two breaks above 71 U.S. cents, the first last week, was the catalyst to see the short-term bearish view abandoned. Endit