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Dollar recovers losses

dollar sign, moneyThe Australian dollar has followed US stocks higher as it recovers from its steep fall following the US central bank meeting.

At 0700 AEDT on Friday, the local unit was trading at 88.32 US cents, up from 87.65 cents on Thursday.

The Australian dollar fell more than one US cent on Thursday after the Federal Open Market Committee (FOMC) showed growing confidence in the American economy and looked towards increasing its interest rate some time in 2015.

Bank of New Zealand currency strategist, Raiko Shareef, said most currencies gained against the greenback overnight.

“The US dollar ran out of puff in its post-FOMC rally,” he said.

“This is a strange result, especially in the context of data released last night.”

The US economy grew at a solid annual rate of 3.5 per cent in the September quarter, which was better than market forecasts of three per cent.

“Certainly, it helps to vindicate the optimism that the FOMC voiced in yesterday’s policy decision,” Shareef said.

AAP

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