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Aussie dollar pegged above 76 U.S. cents

Xinhua, July 15, 2016 Adjust font size:

The Australian dollar remained supported overnight from gains in offshore equities, consolidating the positive move following upbeat local labour force data.

At the Asian open on Friday, the local unit was trading at 76.32 U.S. cents, marginally higher from 76.30 U.S. cents at Thursday's close. By 0956 local time (AEST) however, the unit eased slightly to 76.13 U.S. cents.

"The Australian dollar has now re-established a foot hold above 76 U.S. cents, staging a relief rally after yesterday's again solid employment that failed to reveal any cracks in the Australian labour market," National Australia Bank senior economist David de Garis said.

Traders are now eyeing China's economic activity data, particularly the second quarter's GDP figure that the market is expecting to slow to 6.6 percent year-on-year, which could be supportive of the local unit should measures be taken to increase stimulus.

"This type of result, combined with the prospect of more accommodative global fiscal and monetary polices can push the Australian dollar towards 76.50 - 77.00 U.S. cents in the short term," Commonwealth Bank of Australia senior currency strategist Elias Haddad said. Endit