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Australian dollar dips

Xinhua, February 8, 2017 Adjust font size:

The Australian dollar has dipped on Wednesday, after the greenback continued to rise for the fifth straight day.

At the Asian market open, 07:00 (AEDT) the local unit was trading at 76.38 U.S. cents, down from 76.80 on Tuesday.

The lift in the U.S. dollar is due in part to the lack of confidence in the Euro zone with a chain of political event factors emerging in the coming months.

"The (US) dollar is benefiting from mounting political uncertainty ahead of a number of crucial elections in the Euro zone and from buying by bargain-hunters, looking to pick up the greenback following its worst start to the year in 30 years," Commonwealth Foreign Exchange in Washington, chief market analyst Omer Esiner said.

At 10:02 (AEDT) the Australian dollar was buying 76:27 U.S. cents. Endit