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Australian dollar charges back after weak week

Xinhua, March 29, 2017 Adjust font size:

The Australian dollar has recovered ground it has lost during the week on Wednesday, making gains against the greenback, yen, and the euro.

At 0635 local time AEDT, the Aussie dollar was buying 76.32 U.S. cents, up from the 76.10 U.S. cents mark, on Tuesday.

Elias Haddad, senior currency strategist at the Commonwealth Bank, told Xinhua in a statement that the driver of the Australian dollar this week would be any movement in the commodity sector.

"Our commodity strategists expect iron ore prices to fall by about 26 percent to 60 U.S. dollars per tonne by year-end because of higher seaborne supply and production," Haddad said.

"With no policy-relevant economic data releases in Australia today, AUD/USD will be driven by the general trend in the U.S. dollar and iron ore future prices."

At 0832 local time AEDT, one Australian dollar buys 76.35 U.S. cents. Endit