Australian dollar spikes after cut to US interest rates
The Australian dollar rose early today after the US Federal Reserve cut interest rates by 0.25 percentage points.
At 7am (AEDT) the Aussie dollar was trading at US66.63 cents.The Sydney Morning Herald.
The decision by the US central bank is expected to trigger a surge in the Australian share market today.
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US Federal Reserve Chair Jerome Powell announced a cut to interest rates. (AP Photo/Jacquelyn Martin) AP
The US interest rate reduction on Wednesday (Thursday AEDT) to 3.6 per cent, marked the lowest it has been in nearly three years.
Chair Jerome Powell signalled at a news conference that the Fed would likely hold off on further rate cuts in the coming months while it evaluated the health of the economy.
Economists in Australia, meanwhile, are awaiting today's release of key employment figures, expected at 11.30am (AEDT).
- With AP
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