Aust dollar holds below US90c

Local currency slips as US Federal Reserve maintains stimulus program.

The Australian dollar is slightly lower, after a mixed night of United States economic data and central bank announcements.

At 0630 AEST, the local unit was trading at 89.94 US cents, down from 90.16 cents on Wednesday.

The currency lost ground early in the overnight session when it was reported that the American economy grew 1.7% in the June quarter, above the 1.1% expected by analysts.

A few hours later, the Australian dollar recovered most of its losses after the US Federal Reserve said it would keep going with its economic stimulus plan.

The market had been expecting the $US85 billion-a-month bond-purchase program to start winding down in September.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles