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Australian dollar opens flat ahead of Japan, U.S. rate decisions

Xinhua, September 20, 2016 Adjust font size:

The Australian dollar remained unchanged Tuesday as global investors wait for key central bank decisions on interest rates in the United States and Japan.

At the Asian open, the local unit was trading at 75.33 U.S. cents, virtually unchanged from 75.34 U.S. cents on Monday.

Commonwealth Bank of Australia chief currency strategist Richard Grace said in a research note that the Australian dollar lifted to a one-week high of 75.73 U.S. cents modestly outperforming against the New Zealand dollar, the British Pound and the Japanese Yen as European equity markets staged a strong rebound, commodity prices mostly lifted, and the greenback eased lower.

However, Grace said Australian dollar traded sideways ahead of the Bank of Japan (BoJ) meeting on Wednesday.

"In what will be a close call, we expect the BoJ to leave policy unchanged," Grace said.

"Focus will also be on the BoJ's comprehensive assessment of it's monetary policy," he said.

At 0917 local time (AEST) the Australian dollar was trading at 75.40 U.S. cents. Endit