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Aussie dollar bounces as China returns to market

SYDNEY
2021-02-19 08:23

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SYDNEY, Feb. 19 (Xinhua) -- The Australian dollar bounced to 77.70 U.S. cents on Friday, aided by soaring iron ore price as China returned to the market and the weakening U.S. dollar, which was somehow trending lower under rising term interests.

At 7:00 (AEST), the Australian dollar was buying 77.70 U.S. cents, up from 77.50 U.S. cents on Thursday.

The Aussie rose from 77.50 U.S. cents to as high as 77.90 early on Friday morning before falling to 77.31 and then held steadily around 77.65 as the pair battled below the 78.00 resistance point.

"U.S. equities fell for a third consecutive day. Concerns are emerging about the impact of rising term interest rates on equities prices," Westpac Bank economists said in a morning note.

"However, the defensive U.S. dollar also fell, AUD/USD up slightly to 0.7770. "

At 9:00 (AEST), the local unit was buying 77.67 U.S. cents.
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