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Australian dollar back above 76 U.S. cents

Xinhua, August 23, 2016 Adjust font size:

The Australian dollar has rebounded after U.S. treasury yields and the greenback fell as oil prices slipped about 3 percent.

At the Asian open on Tuesday, the local unit was trading at 76.27 U.S. cents, up from 75.97 U.S. cents on Monday.

Commonwealth Bank of Australia chief currency strategist Richard Grace said the Australian dollar put on a mix performance against the other major crosses in what was a very light offshore economic data calendar.

"The Australian dollar has lifted some 0.3 percent from Monday's open to 76.30 U.S. cents due to the softer U.S. dollars. Commodity prices were generally lower overnight, with iron ore prices the exception, rising a modest 0.2 percent to 61.23 U.S. dollars," Grace said in a note.

Furthermore, the Aussie dollar is expected to bear the brunt following the release of the Eurozone August PMIs on Tuesday evening which will indicate the ongoing steady Eurozone economy recovery, Grace said.

At 0912 local time (AEST), the Australian dollar was trading 76.30 U.S. cents. Enditem