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Aussie dollar jumps on risk sentiment

Xinhua, March 2, 2016 Adjust font size:

The Australian dollar jumped at rises in key commodities and global equities overnight, however, further strength in the greenback kept a lid on gains.

At the Asian open on Wednesday, the local unit was trading at 71.76 U.S. cents, up from 71.46 U.S. cents at Tuesday's close. By 0941 local time (AEDT), the Australian dollar had strengthened to 71.81 U.S. cents.

Improvements in the U.S. February ISM manufacturing index and the recent easing measure by the Peoples Bank of China have supported risk sentiment while ECB president Mario Draghi supported the case for further stimulus into the European economy.

"Equities, commodities and the U.S. dollar all rose, while the commodity currencies outperformed," Westpac economists said in their morning note.

The local December quarter gross domestic product figures due at 1130 local time is the main market feature on Wednesday, potentially supporting the Australian dollar should results come in better than expected, Commonwealth Bank of Australia senior currency strategist Elias Haddad said.

"Australian household consumption, dwelling investment and public spending will make positive contributions to growth," Haddad said. Endit