Aussie dollar passes 77 U.S. cents as the greenback weakens

The Australian dollar is higher against the U.S. dollar passing 77 U.S. cents due to continued weakness in the greenback.

At the Asian open on Thursday, the local unit was trading at 77.03 U.S. cents, up from 76.92 cents at Wednesday's close.

The unit had lifted to its highest level in three months above 75.50 U.S. cents overnight on a continuing weakening greenback and attractive Aussie bonds, Commonwealth Bank of Australia chief currency strategist Richard Grace said.

"With a majority of developed market bond yields negative, Australia's higher yielding bonds are a magnet for foreign capital," Grace said.

This will continue to support the Australian dollar. There are no major Australian economic events the rest of this week," he said.

The Aussie dollar has since eased to 77.12 U.S. cents by 0946 local time (AEST). Enditem