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Australian dollar rises against the greenback at the start of week

Xinhua, October 17, 2016 Adjust font size:

The Australian dollar has risen against the greenback at the start of the week.

At the Asian open on Monday, the local unit was trading at 76.34 U.S. cents, up from 75.77 U.S. cents on Friday.

Commonwealth Bank of Australia senior currency strategist Elias Haddad in a research note said the Australian dollar would likely perform well on the crosses this week supported by a solid increase in September's Australian employment figures of 15,000 which is set to be released on Thursday.

"The Australian dollar edged up above 76.00 U.S. cents during Friday's overnight session on higher commodity prices (iron ore and coking coal) and a lift in European equities," Haddad said.

"We expect the Australian dollar to struggle against a firmer U.S. dollar this week."

"However, a solid increase in September Australian employment and upside risks to China's Q3 GDP (3rd quarter gross domestic product) on Wednesday will support the Australian dollar, particularly on the crosses," he said.

At 0930 local time (AEDT), the Australian dollar was trading at 76.18 U.S. cents. Enditem