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Aussie dollar slips fractionally against the greenback

Xinhua, October 25, 2016 Adjust font size:

The Australian dollar has slipped amid renewed hopes of another rate rise by the U.S. before Christmas.

At the Asian open on Tuesday, the local unit was trading at 76.11 U.S. cents, down from 76.25 U.S. cents on Monday.

Commonwealth Bank of Australia chief currency strategist Richard Grace in a research note said that the Australian dollar had touched a high of 76.41 U.S. cents in overnight trade before declining to levels where it opened the trading week.

Commodity prices were generally higher, including iron ore prices, Grace said.

Interest rate market pricing for a 1 November RBA (Reserve Bank of Australias) interest rate cut has declined from more than 50 percent in August to its current level of 16 percent reflecting the stronger than expected real GDP (gross domestic product) growth and terms of trade improvements set to flow into Australias economy, he said.

At 0915 local time (AEDT), the Australian dollar was trading at 75.99 U.S. cents. Endit