Australian dollar strengthens to eight week high

Sydney, Oct 13 (IANS) The Australian dollar has continued nine-session winning streak, reaching an eight-week high against a weaker greenback overnight as fears of a US rate hike diminish.

In early morning trade, it peaked at 73.83 US cents, its highest level since August 18, reported Xinhua.

Analysts believe the US Federal Reserve will not lift rates until 2016, a view weighing heavily on the greenback against all the major currencies.

The Australian dollar is also being supported by higher copper commodity prices and a rebound on China’s markets, BK Asset Management managing director Kathy Lien said on Tuesday.

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