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Australian dollar plateaus

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Published on: Wednesday, April 06, 2011

After breaking a series of post-float records last week, the Australian dollar has levelled off, trading slightly lower this morning than yesterday’s close.

At 7am AEST, the Australian dollar was trading at 103.3 US cents, compared to 103.37 US cents at the close of markets yesterday afternoon. Overnight, the dollar traded between 102.85 and 103.66 US cents.

It is believed currency markets were affected by the Reserve Bank’s monthly meeting, which took place yesterday, and the release of the US Federal Reserve’s minutes from their March monetary policy meeting. Yesterday, the Reserve Bank kept the cash rate at 4.75 per cent, a level it has maintained since November.

The US Federal Reserve minutes from its 15 March meeting indicated that Fed officials were worried about inflationary pressures on food and energy prices.


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