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Australian dollar open firmer, passes the 77 U.S. cents mark

Xinhua, October 20, 2016 Adjust font size:

The Australian dollar has made further gains against the greenback by passing the 77 U.S. cents mark.

At the Asian open on Thursday, the local unit was trading at 77.18 U.S. cents, up from 76.76 U.S. cents on Wednesday.

Commonwealth Bank of Australia senior currency strategist Elias Haddad in a research note said the Australian dollar was the top performing major currency overnight because of higher commodity prices.

Haddad said the Australian dollar rose to 77.29 U.S. cents as crude oil prices rallied to a 15-month high on lower U.S. crude inventories and Saudi Arabia's energy minister warning many nations were willing to join OPEC (Organization of the Petroleum Exporting Countries) output cuts.

"Moreover, encouraging Chinese economic activity supports the upleg in commodity prices which Australia produces such as iron ore and coking coal," Haddad said.

"Higher commodity prices will lead to a faster recovery in Australia's terms of trade and underpin a firmer Australian dollar, particularly on the crosses," he said.

At 0908 local time (AEDT), the Australian dollar was trading at 77.22 U.S. cents. Endit