Australian dollar up as US rate hike expectations ease

THE Australian dollar is up half a US cent after the Federal Reserve’s chief appeared to be in no hurry to raise the central bank’s interest rate.

Australian dollar coins on a dark reflective background. Picture: iStock

THE Australian dollar is up half a US cent after the Federal Reserve’s chief appeared to be in no hurry to raise the central bank’s interest rate.

At 0630 AEDT on Wednesday, the local dollar was trading at 78.23 US cents, up from 77.70 cents on Tuesday.

Fed chair Janet Yellen told a Congressional committee that the US labour market still showed some weakness and inflation continued to fall, making any interest rate hike unlikely before June.

Originally published as Australian dollar up as US rate hike expectations ease