Finance Finance News Australian dollar hits three month high, US shares rise

Australian dollar hits three month high, US shares rise

As Australian one dollar coin sits against a stack of other Australian one dollar coins, October 2010.
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The Australian share market is set to follow positive leads from Wall Street and the Australian dollar is around a three-month high.

Overnight, New York’s Dow Jones Industrial Average closed up 0.6 per cent at 16,336.

The broader S&P 500 index rose 0.7 per cent, and the tech-focused Nasdaq had an even stronger gain of 1.3 per cent.

However, London’s FTSE 100 managed only a 0.1 per cent gain to 6,475.

Australia’s SPI 200 share futures are up 14 points to 5,362, indicating a positive start to local trade.

The Australian dollar busted through 91 US cents overnight to its highest level since December.

The rise has been attributed to less concern on the markets about the Crimean crisis, and also yesterday’s Reserve Bank minutes which again indicated that the RBA is likely to leave rates on hold for many months.

An Australian dollar was worth 91.3 US cents at 9:13am (AEDT).