Australian dollar higher after US Federal Reserve minutes

THE Australian dollar is higher after the US Federal Reserve’s policy committee said it would not begin raising interest rates for “a considerable time”.

MONEYSAVERHQ .. Australian One Dollar Coins over Black

THE Australian dollar is higher after the US Federal Reserve’s policy committee said it would not begin raising interest rates for “a considerable time”.

At 0630 AEST on Thursday, the local currency was trading at 94.13 US cents, up from 94.02 cents on Wednesday.

In the minutes of its last meeting, released on Thursday morning Australian time, the Federal Open Market Committee said it planned to stop buying bonds in October, setting an exit to its stimulus program for the US economy.

But the committee said it would not begin raising its near-zero benchmark interest rate for “a considerable time” after the asset purchase program ends, “especially if projected inflation continued to run below the committee’s two per cent longer-run goal”.

Originally published as Australian dollar higher after US Federal Reserve minutes