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Aussie dollar rises against greenback

Xinhua, December 6, 2016 Adjust font size:

The Australian dollar gained ground against its U.S. counterpart ahead of the latest economic updates and developments including the rate decision by the Reserve Bank of Australia on Tuesday.

The Aussie was trading at 74.73 U.S. cents at the Asian open, up from 74.46 U.S. cents on Monday.

"The RBA is widely expected to keep its policy rate on hold at 1.50 percent but the post-meeting statement should be constructive in line with recent public comments by senior RBA officials," Commonwealth Bank of Australia chief currency strategist Richard Grace said in a note.

"While we expect Australia's GDP to expand by a soft 0.2-0.4 percent quarter-on-quarter in Q3 (with the risk of a smaller number), participants will largely discount the report as historical'. The last three monthly prints of Australian retail sales have been strong and the high level of commodity prices have been very supportive for AUD."

At 0925 local time, the Australian dollar was trading at 74.74 U.S. cents. Endit