Dollar bouces back

 

US money, dollarThe Australian dollar has rebounded overnight, surging towards 91 US cents as the greenback takes a hit.

At 0700 AEST on Wednesday, the local currency was trading at 90.95 US cents, up from 89.96 cents on Tuesday.

The US dollar fell overnight after closely followed Wall Street Journal reporter, Jon Hilsenrath, said he believed the US Federal Reserve would not change its language around interest rates, maintaining its pledge to keep rates low for a “considerable period of time”.

“The downward pressure on the Australian dollar has eased, for now, after a sharp fall in the US dollar overnight,” National Australia Bank senior economist, Spiros Papadopoulos, said.

“The Hilsenrath impact on the Australian dollar was certainly greater than the impact from domestic events yesterday.

“The Reserve Bank minutes reinforced that the RBA is on hold for a long time.”

AAP

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