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Aussie dollar slips slightly

Xinhua, September 6, 2016 Adjust font size:

The Australian dollar opened slightly lower on Tuesday as currency markets were relatively stable overnight.

At the opening on Tuesday, the local unit was trading at 75.83 U.S. cents, down from 76 U.S. cents on Monday.

Commonwealth Bank of Australia chief currency strategist Richard Grace in a note said the Australian dollar edged a little higher in overnight trade and is currently trading at 75.85 U.S. cents, partly encouraged by higher base metal and oil prices.

Grace said the Aussie dollar will take some direction from the release of Australian quarterly net export and balance of payments data by the Reserve Bank of Australia (RBA) at 1130 local time (AEST) on Tuesday.

"We don't anticipate a large pick-up in volume following the no-change decision by the RBA, and an accompanying statement indicating an economic view similar to the RBA's quarterly Monetary Policy Statement released last month," he said.

At 0925 AEST, the Australian dollar was trading at 75.91 U.S. cents. Endit