Aussie dollar slides against greenback at open

The Australian dollar continues to slide against the greenback at the start of the week's trading.

At the Asian open on Monday, the local unit was trading at 76.10 U.S. cents, down from 76.38 U.S. cents on Friday.

Commonwealth Bank of Australia senior currency strategist Elias Haddad said in a research note that the Australian dollar remains heavy near 76.00 U.S. cents against the U.S. dollar strength.

"The Australian dollar continues to outperform versus most other major currencies on firmer commodity prices (iron ore and coking coal) and reduced expectations for more Reserve Bank of Australia (RBA) rate cuts," Haddad said.

He said economists expect the policy-relevant Australian third quarter underlying CPI (Consumer Price Index) set for released on Nov. 1 to bring inflation to 1.6 percent per annum (pa).

"This is in line with consensus and slightly above the RBA's 1.5 percent pa projection."

"Such an outcome would support Australian dollar, particularly on the crosses, because it would lead to a modest upward revision to Australian interest rate expectations," Haddad said.

At 0925 local time (AEDT), the Australian dollar was trading at 76.05 U.S. cents. Enditem