THE Australian dollar pared its gains after a change to the nation's leader and weaker-than-expected economic growth figures out of the US prompted an earlier rally.
The local unit was trading at 92.75 US cents at 6.30am AEST,down from 92.80 cents at yesterday's local close.The dollar climbed to a high of 93.47 US cents overnight after Kevin Rudd toppled Julia Gillard to return as prime minister.
The local currency was also boosted after investors interpreted weaker-than-expected gross domestic product figures from the US as a sign that the US Federal Reserve may hold off on its plans to rein in its economic stimulus program.
Source:
http://www.theaustralian.com.au/business/markets/australian-dollar-loses-gains-made-overnight-on-gillard-rudd-ballot/story-e6frg94o-1226670594478
