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Aussie dollar up against U.S. counterpart

Xinhua, December 13, 2016 Adjust font size:

SYDNEY, Dec.13 (Xinhua) The Australian dollar opened higher against the greenback on Tuesday.

At the Asian open, the Aussie dollar was trading at trading at 74.92 U.S. cents, up from 74.51 U.S. cents on Monday.

AUD/USD lifted 1.0 percent to a high of 0.7504, roughly equally last weeks highs as higher oil and other selected industrial commodity prices gained ground. However, a softer USD was largely behind the lift in AUD/USD. AUD only gained ground on the cross rates vis-a-vis the JPY, Commonwealth Bank of Australia chief currency strategist Richard Grace in a note.

AUD/USD remains in a tight trading range, and we believe it will struggle this week to sustain a move above its 200-day moving average at 0.7532 because of another unimpressive Australian labour market report on Thursday.

At 0914 local time, the Australian dollar was trading at 74.95 U.S. cents.Endit