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Aussie dollar bounces back

Xinhua, March 23, 2016 Adjust font size:

The Australian dollar bounced back following news of the attacks in Brussels on Tuesday.

At 7 a.m. local time (AEDT) on Wednesday, the Australian dollar was trading at 76.23 U.S. cents, up from 75.74 U.S cents on Tuesday. By 9:30 a.m. local time (AEDT), the Australian dollar fell slightly to 76.17 U.S. cents.

News of bombings in Brussels caused a risk averse response in markets during the London morning. However, the afternoon saw retracements which were later accelerated by some positive comments from Chicago Fed President Charles Evans, Westpac economists said in a note on Wednesday.

"Momentum remains positive (for the Australian dollar), and targets (more than) 76.40 U.S. cents today," they said.

The Commonwealth Bank of Australia currency strategist Richard Grace said the Australia dollar had lifted to a fresh weekly high and out-performed on the cross-rates despite slightly lower iron ore and oil prices.

"Reserve Bank of Australia Governor Glenn Stevens in a speech late yesterday was cautiously optimistic about the global economy and Australia, and only suggested the recent rally in the Australian dollar 'might be getting a bit ahead of itself'," Grace added. Enditem