Dollar rises on US Fed nomination


dollarThe Australian dollar is higher after US President Barack Obama nominated Janet Yellen to be the first female head of the US Federal Reserve.

At 0630 AEDT on Thursday, the local unit was trading at 94.45 US cents, up from 94.33 cents on Wednesday.

Yellen is one of the architects of the Fed’s bond-buying program and is considered unlikely to wind it down too soon.

Analysts say the news provides investors with some certainty amid the continuing US political stalemate.


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