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Australian dollar climbs in light of Trump's comments

Xinhua, January 18, 2017 Adjust font size:

The Australian dollar has moved higher overnight following President-elect Donald Trump's comments downplaying the greenback.

Prior to the open of the Asian market on Wednesday 06:40 (AEDT) the local unit was trading at 75.59 U.S. cents, up from 75.24 U.S. cents on Tuesday.

Donald Trump told the Wall Street Journal on Monday, "Our currency is too strong. And it's killing us."

The implication that U.S. companies could not compete with China creating a shock-wave in the U.S. dollar which may lead to the Australian unit lifting once again.

"AUD/USD has traded in a range of $0.7649 to $0.7564 overnight and is currently sitting at the top of this range. Probability would suggest a move into $0.7700 is be on the cards." IG chief market strategist, Chris Weston in a note to investors.

At 09:16 local time (AEDT) the Australian dollar was trading at 75.61 U.S. cents. Endit