The Australian dollar has bounced after the greenback fell as the Federal Reserve downgraded it's rate projections.

     At the Asian open on Thursday, the local unit was trading at 76. 28 U.S. cents, sharply higher from 75.65 U.S. on Wednesday.

     Commonwealth Bank of Australia senior currency strategist Elias Haddad in a research note said the Australian dollar surged overnight to 76.37 U.S. cents on the greenback weakness, higher commodity prices as base metal and crude oil lifted and a rise on U.S and European equities.

     "The Australian dollar will be influenced today (Thursday) by the new Reserve Bank of Australia's governor Philip Lowe parliamentary testimony," Haddad said.

     "Lowe may highlight how he will tackle Australia's low inflation backdrop and his thoughts on the recent Australian economic developments," he said.

     At 0855 local time (AEST), the Australian dollar was trading at 76.35 U.S. cents.   Enditem  

Source:
courtesy of XINHUA NEWS AGENCY

by XinHua News Agency

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