Aust dollar surges past US89c

Local unit hits three-week high on RBA call, stabilisation of global markets.

The Australian dollar has climbed back above 89 US cents after the Reserve Bank of Australia opted to remove the easing bias to monetary policy and global markets steadied overnight.

At 0715 AEDT, the local unit was trading at 89.36 US cents, up from 88.67 cents at the close of local trade on Tuesday. It has gained almost two cents in 48 hours.

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