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Aussie dollar rises again

Xinhua, March 9, 2016 Adjust font size:

The Aussie dollar was rallying once more after cooling off slightly on Tuesday afternoon.

At 630 local time (AEDT) Wednesday, the dollar was trading at 74.56 U.S. cents, up from 74.26 U.S. cents on Tuesday. By 1015 local time (AEDT), the Australian dollar had fallen slightly to 74.27 U.S. cents.

The Australian dollar is the best performing commodity currency, down just 0.15 percent and still comfortably trading with a 74 handle, said National Austrlia Bank currency strategist Rodrigo Catril.

"On this score, we would note the Australian dollar appears to have been supported by the resilience in the iron ore price," he said.

"After yesterday's spectacular 18.6 percent jump, today the bulk metal is only down just 0.2 percent."

Westpac economists said in a note on Wednesday that they expect the U.S. dollar uptrend to push the Australian/U.S. dollar lower, fuelled by a tightening Fed and weaker commodity prices

"However, decent economic data and strong M&A inflows should see it outperform other commodity currencies, barring a further meltdown in global sentiment," they said.

Westpac's consumer confidence reading for March is due out at 1030 local time (AEDT) Wednesday as well as housing finance approvals for January. Endit