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Aussie dollar range bound above 71 U.S. cents

Xinhua, February 19, 2016 Adjust font size:

The Australian dollar remained range bound with no new ground taken in either the high or low side in overnight trade as global oil prices were mixed.

At the Asian open on Friday, the local unit was trading at 71.52 U.S. cents, slightly down from 71.60 U.S. cents at Thursday's close following a weaker than expected jobs data. The currency traded within a 30 point range overnight, hitting a high of 71.85 U.S. cents earlier in the session.

Oil prices eased overnight which put pressure on commodities and commodity currencies, such as the Australian dollar, following comments from Saudi Arabia that all seemingly dashed hopes of a deal to strike a freeze in production to January levels.

"The oil issue will be determined by supply and demand and by market forces. The Kingdom of Saudi Arabia will protect its market share and we have said so," Saudi foreign minister Adel al-Jubeir reportedly said.

The weaker than expected jobs data which showed unemployment boosting to 6.0 percent didn't extend into the overnight trade, with momentum remaining slightly positive, Westpac senior market strategist Imre Speizer said.

At 1019 local time (AEDT), the Australian dollar was flat, trading at 71.52 U.S. cents. Endit