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Aussie dollar weaker under thin volumes

Xinhua, December 22, 2016 Adjust font size:

Falls in industrial commodities, offshore equities and a slightly stronger greenback have weakened the Aussie dollar overnight.

At the Asian open on Thursday, the Australian dollar was trading at 72.47 U.S. cents, down from Wednesday's close of 72.55 U.S. cents.

Offshore movements and thin volumes during the holiday season caused the broad weakness in the local unit, which was also down against its major crosses, Commonwealth Bank of Australia chief currency strategist Richard Grace told Xinhua.

The Australian dollar is set to fall even further as the U.S. dollar gathers strength and industrial commodities come off their new highs, with Grace forecasting a fall to 69 U.S. cents by early 2018.

"The risk is that it happens sooner than that," Grace said.

By 0856 local time (AEDT), the Australian dollar was trading at 72.39 U.S. cents. Endit