Australian dollar falls on US Fed taper announcement
THE Australian dollar has fallen back below 88 US cents after the US Federal Reserve announced further tapering of its monthly bond purchases.
THE Australian dollar has fallen back below 88 US cents after the US Federal Reserve announced further tapering of its monthly bond purchases.
At 0630 AEDT on Thursday, the Australian dollar was trading at 87.48 US cents, down from 88.02 cents on Wednesday.
The US Fed says it will cut its monthly bond purchases by an additional $US10 billion, to $US65 billion, as the US economy continues to strengthen.
Fed chairman Ben Bernanke will step down on Friday after eight years in the role and will be succeeded by Janet Yellen, the first woman to head the central bank.
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