SYDNEY, Aug. 12 (Xinhua) -- The Australian dollar remains supported above 77 U.S. cents despite a slight easing overnight from a strengthening greenback.
At the Asian open on Friday, the Australian dollar was trading at 77.01 U.S. cents, down from 77.12 U.S. cents at Thursday's close, trading in a very narrow range.
The greenback recovered on comments the Federal Reserve should raise its rates by the end of the year because of improved economic conditions, but also a rally in oil prices supporting oil linked currencies.
The Australian dollar is still likely to grind higher, with one technical strategist predicting a rise to 78 U.S. cents, though there will be some modest intra-day volatility.
"The Australian dollar is vulnerable to some modest downside today because we anticipate a softer set of Chinese July economic activity data," Commonwealth Bank of Australia senior currency strategist Elias Haddad said.
By 1000 local time (AEST) on Friday the Australian dollar had eased to 76.93 U.S. cents.
