Dollar rises on commodity gains

Dollar, money, coin
The Australian dollar has hit an almost three-week high on the back of a recovery in commodity prices.

At 0700 AEDT on Wednesday, the local unit was trading at 73.03 US cents, its highest level since December 10, and up from 72.66 cents on Tuesday.

Oil prices have lifted from their 11-year low, following several sessions of falls and copper prices rallied after earlier hitting its lowest level in more than a week.

Brown Brothers Harriman global head of currency strategy, Marc Chandler, said the recovery in commodity prices drove equities and most currencies higher overnight.

“The stabilisation of oil prices has not lifted the Canadian dollar, while the other Antipodean currencies turn higher,” he said.

AAP

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