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Aussie dollar climbs above 75 U.S. cents

Xinhua, March 10, 2016 Adjust font size:

The Australian dollar lifted above 75 U.S. cents overnight.

At 0630 local time (AEDT) Thursday, the Australian dollar was trading at 75.11 U.S. cents, up from 74.31 U.S. cents on Wednesday. By 0955 local time (AEDT), the Australian dollar had fallen slightly to 74.71 U.S. cents.

The Australian dollar managed to hold on to most of its overnight gains after the Reserve Bank of New Zealand's (RBNZ) surprise rate cut announcement, Commonwealth Bank of Australia senior currency strategist Elias Haddad said.

"Dovish outcomes would be U.S. dollar supportive," he said.

"The next major signpost for the Australian dollar will be the Chinese activity data batch (fixed asset investment, industrial production and property construction volumes) for January-February (released on Saturday)."

Haddad also noted there is no Australian economic data to be released over the rest of the week.

IG market strategist Evan Lucas added it was not out of the question that the Australian dollar could rise above 78 U.S. cents. Endit