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Aussie dollar down amid U.S. dollar rally

Xinhua, October 12, 2016 Adjust font size:

The Australian dollar is hovering at a three-week low as the U.S. dollar found support among investors following falls in global equity markets and oil prices.

At the open on Wednesday, the local unit was trading at 75.40 U.S. cents, down from 75.57 U.S. cents on Tuesday.

Commonwealth Bank of Australia senior currency strategist Elias Haddad in a research note said the Australian dollar edged a bit lower overnight to 75.40 U.S. cents.

"The firmer greenback and weaker U.S. and European equity markets have weighed on the Australian dollar," Haddad said.

"The Australian dollar is unlikely to be materially impacted by today's (Wednesday) Australian October consumer confidence index," he said.

At 0925 local time (AEDT), the Australian dollar was trading at 75.42 U.S. cents. Enditem