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Australian dollar gains ground amid continued U.S. greenback's slide

Xinhua, May 18, 2017 Adjust font size:

The Australian dollar edged higher on Thursday against the U.S. dollar, as growing concerns regarding impeachment of the president harms speculator confidence.

At the Asian open, one Australian dollar was buying 74.31 U.S. cents, a slight uptick from the 74.22 U.S. cents it was trading at on Wednesday.

The chief currency strategist at the Commonwealth Bank, Richard Grace told Xinhua in a note on Thursday, the real cause for concern over the possible impeachment issues stems around the proposed company tax cuts in the United States now unlikely being able to be passed through Congress.

"The Australian dollar lifted to 74.37 cents, the top of its range over the last few days, as the U.S. dollar declined," Grace said.

Grace outlined that despite its strength against the U.S. dollar, the Australian currency has fallen against the other global currency majors, due to the current account surpluses these countries currently retain.

At 0840 local time AEST, one Australian dollar buys 74.35 U.S. cents, while crude oil is trading at 49.01 U.S. dollars per barrel. Endit