Aust dollar rises in early trade

Local currency posts modest gains following Yellen's formal Fed nomination.

The Australian dollar is higher after US President Barack Obama nominated Janet Yellen to be the first female head of the US Federal Reserve.

At 0630 AEDT, the local unit was trading at 94.45 US cents, up from 94.33 cents on Wednesday.

Ms Yellen is one of the architects of the Fed's bond-buying program and is considered unlikely to wind it down too soon.

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