Aust dollar hits US94c on Fed talk

The Australian dollar surged in overnight trade.

The Australian dollar has surged in overnight trade, building on recent momentum in its steady push towards US95c. The latest uptick in the currency was driven by news interest rate hikes in the US were not imminent.

At 7am (AEST), the local unit was trading at US93.91c, up sharply from US93.62c at the close of local trade yesterday.

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