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Aussie dollar strengthens against the greenback as the U.S. election draws closer

Xinhua, November 7, 2016 Adjust font size:

The Australian dollar has strengthened slightly against the greenback.

At 07:00 local time (AEDT) on Monday, the local unit was trading at 76.76 U.S. cents, up from 76.69 U.S. cents on Friday.

Commonwealth Bank of Australia senior currency strategist Elias Haddad said the Australian dollar is holding near 76.75 U.S. cents and will largely be influenced by the greenback's reaction at the Tuesday's U.S. presidential election outcome.

Haddad said the Australian dollar movement will also be focused on speeches by Reserve Bank of Australia's (RBA) Head of International Department Chris Ryan on Tuesday and RBA Deputy Governor Guy Debelle on Friday.

"Overall, the Australian dollar will remain supported because of Australia's improving terms of trade, positive real interest rates and above trend GDP (gross domestic product) growth," he said.

At 0929 local time (AEDT), the Australian dollar was trading at 76.61 U.S. cents. Endit