Aust dollar lifts on Fed testimony

Local currency rises in early trade after Bernanke's address to Congress.

The Australian dollar is higher after United States Federal Reserve chairman Ben Bernanke said the tapering of bond purchases was not on a preset course.

At 0630 AEST, the local unit was trading at 92.38 US cents, up from 92.08 cents on Wednesday.

In testimony to Congress, the central bank boss said economic stimulus could be wound up next year if economic growth remained steady.

But, he said tapering of the Fed's $US85 billion-a-month bond purchase program was not a "preset course", which put downward pressure on the US dollar, giving the Aussie a boost.

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