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Australian dollar surges as local stocks register gains

Australian dollar surges as local stocks register gains

SYDNEY: The Australian dollar ended stronger as the strong gains on local stock market boosted demand for the risk driven currency.
At 5pm (AEDT), the local unit was trading at US81.36 cents, up from US81.22 cents on Wednesday, before the Christmas break.
The unit peaked at US81.48 cents during late afternoon trade as the Australian Securities Exchange finished the session 1.5 per cent higher, with the resources stocks leading the gains.
Easy Forex senior dealer Francisco Solar said that with light trading volumes and no new economic data after the Christmas holiday break, the Australian dollar benefited from improved risk appetite.
“There was a positive end to the session which reflected on the Aussie dollar,” he said.
“There seems to be a bit of a risk appetite, or risk seeking behaviour … in what has been a session characterised by no catalyst really … so the Aussie in that environment tends to do quite OK.”
Last week, the Australian dollar dropped as low as US80.89 cents, its weakest level since June 2010, after official figures showed the US economy had expanded at the fastest pace in 11 years during the September quarter.