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Aussie dollar back above 74 U.S. cents

Xinhua, December 2, 2016 Adjust font size:

The Aussie dollar remained firm above 74 U.S. cents overnight as an overbought greenback drifted lower, while Chinese PMI data supported commodities.

At the Asian open on Friday, the local unit was trading at 74.13 U.S. cents, slightly lower from the 74.17 U.S. cents at Thursday's close.

The U.S. dollar drifted lower despite a better than expected lift in the U.S. ISM manufacturing survey, indicating the greenback "is technically overbought and vulnerable to a short-term period of consolidation before it can resume its fundamental uptrend," Commonwealth Bank of Australia senior currency strategist Elias Haddad said in a note.

"The Australian dollar recovered a bit above 74 U.S. cents overnight on a weaker U.S. dollar and higher commodity prices," Haddad said.

The Aussie dollar was underpinned by the lift in iron ore futures following the stronger than expected Chinese November manufacturing Purchasing Managers Index (PMI), which was its highest level since April 2012, Haddad said.

At 0931 local time (AEDT), the Australian dollar was steady at 74.13 U.S. cents. Endit