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Australian dollar rises

dollar-13The Australian dollar is up slightly on the back of a weaker greenback and rally on Wall Street.

At 0730 AEDT on Wednesday, the local unit was trading at 75.01 US cents, flat from 74.94 cents on Tuesday.

Westpac senior market strategist Imre Speizer said the Aussie and New Zealand dollar have “nudged higher” following further falls in the US dollar and record highs in US equity indices.

The Australian dollar could push above 75.00 US cents if there’s a bout of US dollar profit-taking following the conclusion of the US Federal Reserve’s two-day meeting, Mr Speizer said in a research note.

Investors widely expect the Fed to raise rates later Wednesday US time.

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