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Australian dollar opens higher on weaker U.S. dollar

Xinhua, November 3, 2016 Adjust font size:

The Australian dollar has risen on the back of a weaker U.S. dollar.

At 0701 local time (AEDT) on Thursday, the local unit was trading at 76.50 U.S. cents, up from 76.31 U.S. cents on Wednesday.

Commonwealth Bank of Australia currency strategist and international economist Joseph Capurso said the Australian dollar traded higher but remained short of 77 U.S. cents with the main driver being a weaker U.S. dollar.

"The dip in global equity markets, lower base metal and energy prices and weaker Australian data have been counterbalanced by the softer U.S. dollar until the FOMC (Federal Open Market Committee) meeting ," said Capurso.

"Ahead of the RBA's (Reserve Bank of Australia's) statement on Monetary Policy and September third quarter retail sales (set for released on Friday), the Australian dollar will be driven by broader U.S. dollar moves," he said.

At 0919 local time (AEDT), the local unit was trading at 76.57 U.S. cents. Enditem