Aust dollar spikes in early trade

Local currency jumps after US Federal Reserve leaves stimulus program on hold.

The Australian dollar has soared more than one-and-a-half US cents after the United States Federal Reserve unexpectedly decided to leave its economic stimulus program in place.

At 0700 AEST, the local unit was trading at 95.18 US cents, up from 93.58 cents yesterday.

Fed policy makers were widely expected to announce the tapering of their $US85 billion-a-month bond-purchasing program this morning, Australian time.

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