(Australian Associated Press)
The Australian dollar is slightly higher against its US counterpart after having lost almost half a per cent before the federal budget helped prompt a turnaround.
At 0637 AEDT on Wednesday, the Australian dollar was worth 73.41 US cents, up from 73.39 US cents on Tuesday.
Westpac’s Imre Speizer said the Australian dollar had suffered overnight along with other commodity currencies.
“…Commodity currencies continued to slide until the (Australian) Budget provided more of an excuse rather than a reason to stem the decline in AUD,” he said in a morning note on Wednesday.
The local currency had fallen 0.45 per cent against the greenback to an overnight low of 73.55 US cents, before the budget helped it turn around somewhat.
“The Australian Budget had limited impact on North Atlantic markets, but did provide rationale for AUD to find at least an interim base and contained long end yields.”
CURRENCY SNAPSHOT AT 0637 AEDT ON WEDNESDAY
One Australian dollar buys:
* 73.41 US cents, from 73.39 on Tuesday
* 83.62 Japanese yen, from 83.284 yen
* 67.50 euro cents, from 67.29 euro cents
(*Currency closes taken at 1700 AEDT previous local session)