Aust dollar lifts sharply

Local currency bounces as Summers bows out of race to succeed Bernanke.

The Australian dollar has bounced on the news that former United States treasury secretary Larry Summers has withdrawn from the race to succeed Ben Bernanke as Federal Reserve chief.

At 0700 AEST, the local unit was trading at 93.32 US cents, up close to a dollar from 92.38 on Friday.

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