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Aussie dollar holds ground against weakened U.S. counterpart

Xinhua,December 29, 2017 Adjust font size:

SYDNEY, Dec. 29 (Xinhua) -- The Australian dollar held its ground against the greenback, slipping just a little as the weakened U.S. currency struggled in the aftermath of major tax reform passed by lawmakers last week and latest economic figures.

At 06:35 (AEDT) on Friday, the Aussie dollar was trading at 77.92 U.S. cents, from 77.97 U.S. cents on Thursday.

The U.S. dollar slipped against other major currencies on Thursday as investors took in the country's latest economic figures. International trade deficit stood at 69.7 billion U.S. dollars in November, up slightly from the 68.1 billion dollars' deficit in October, reported the U.S. Commerce Department on Thursday.

Analysts say markets continue to look for direction going into the new year, following a major reform of the U.S. tax code last week, with corporate tax cuts among the changes set for the world's largest economy.

Local investors are set to take in the latest economic data on Friday with the Reserve Bank of Australia expected to release private sector credit figures for November.

At 10:10 (AEDT), the Australian dollar was buying 77.95 U.S. cents. Enditem