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Aussie dollar holds steady against U.S. currency

Xinhua, May 1, 2017 Adjust font size:

The Australian dollar held steady on Monday against the U.S. currency, as strong economic data out of China leads to an upbeat outlook.

At 0635 local time AEST, one Australian dollar was buying 74.73 U.S. cents, virtually unchanged from the 74.74 U.S. cents it was tracking late Friday.

Elias Haddad, senior currency strategist at the Commonwealth Bank told Xinhua in a statement on Monday, a combination of a "heavy" U.S. dollar, combined with strong data coming out of China's manufacturing sector helped the Australian dollar remain on course.

The currency expert also hinted that the Australian Reserve Bank is expected to keep the cash rate at 1.5 percent, and pointed to the Reserve Bank feeling confident of current economic strength around the world.

"An improving world economy is a good source of support for the Australian dollar, given Australia's commodity exposure." Haddad said.

At 0856 local time AEST, one Australian dollar is buying 74.81 U.S. cents. Endit