SYDNEY, Aug. 21 (Xinhua) -- The Australian dollar gained ground against the U.S. currency on Monday, as speculator sentiment saw increased trading in the local currency over the weekend.
At the Asian open, one Australian dollar was buying 79.20 U.S. cents, up from the 78.96 U.S. cents it was trading at late Friday.
Despite the gains, currency experts suggest that not much movement is expected in the Australian currency during the week, as little economic local data is slated for release with outside major market performance set to move the needle for the Australian dollar.
"The currency is likely to remain in its becalmed state unless something unexpected comes storming out of left field, a possibility we can of course never fully discount." David Cottle, analyst at Daily FX said.
At 7:40 a.m. (AEST), one Australian dollar was buying 79.28 U.S. cents, while crude oil was trading at 48.51 U.S. dollars per barrel.