THE Australian dollar was slightly higher yesterday after taking a roller-coaster ride in the previous 24 hours.
On Thursday afternoon the currency dropped to an almost three-year low of US94.35c, but in offshore trade on Thursday night it gained almost US2c before backtracking.
At the close, the local unit was trading at US95.04c, up from US94.79c at the same time on Thursday. "Currency markets have not been for the faint of heart this week, with large intraday moves becoming the norm," CMC Markets foreign exchange dealer Tim Waterer said.
On Thursday night, after a European Central Bank meeting, ECB president Mario Draghi indicated the bank had no intention of implementing further stimulus measures to support the eurozone economy at this stage.
Mr Waterer said the Australian dollar rallied on the hawkish ECB tone but it ran out of buyers during the local session.
