SYDNEY, May 11 (Xinhua) -- The Australian dollar has firmed overnight on a bounce in oil and higher global equity markets.
At the Asian open on Wednesday, the local unit was trading at 73.62 U.S. cents, up from 73.42 U.S. cents at Tuesday's close.
Benchmark crude firmed overnight despite API oil inventory data increasing, giving an early indication of U.S. stocks, as renewed militant attacks on Nigeria's oil infrastructure and Canada's wild fires curb global production.
The bounce in oil spurred gains in industrial commodities and offshore equities, supporting the Australian dollar against the majors despite the unit remaining under pressure as expectations grow of further central bank cuts.
"These expectations should continue to keep a lid on near-term Australian dollar upside," Commonwealth Bank of Australia senior currency strategist Elias Haddad said, expecting the unit to fall to the mid 72 U.S. cent range.
At 0958 local time (AEST) the Australian dollar had firmed to 73.70 U.S. cents.
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