Aust dollar slips on taper call

Local currency touches 3-year low following volatile trade on Fed announcement.

The Australian dollar is slightly lower with the market not surprised by the US Federal Reserve announcement of a small winding back its economic stimulus program.

At 0700 AEDT, the local unit was trading at 88.84 US cents, down from 89.04 cents on Wednesday.

Early on Thursday morning, the Fed said it will reduce its bond purchases by $US10 billion a month to $US75 billion, starting in January.

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