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Aussie dollar surges as U.S. greenback loses ground

Xinhua, January 13, 2017 Adjust font size:

The Australian dollar has rallied as market insecurity continues following incoming President Donald Trump's proposed economic platform.

At the Asian open on Friday, the Aussie dollar was trading at 74.95 U.S. cents, a slight gain from the 74.69 U.S. cents close on Thursday.

The continuing lift in commodity prices and the Greenback's correction lower should not be underestimated as a supportive influence for the Australian dollar, Commonwealth Bank of Australia chief currency strategist Richard Grace said in a note to clients, as traders eye gains above 75 U.S. cents.

We saw further evidence of this again overnight, as higher iron ore, base metal, oil and gold prices lifted. Grace said.

The Australian dollar was trading at 74.86 U.S cents at 0942 local time AEDT.Endit