Market Update, News, AUD

Aussie dollar slump 'knee-jerk' reaction to Fed

Zac Crellin writes in the SMH "Strong hints by the US Federal Reserve that interest rates will rise at a faster pace in 2017 have sent the greenback flying against most major currencies but analysts doubt the Australian dollar will slide much further."

"The Aussie dollar plunged 1.4 per cent to below US74¢ in the aftermath of the Fed's decision to lift rates for only the second time in 10 years but the currency's slide was stopped by surprisingly strong local employment data that showed the economy created 39,100 new jobs in November. In late trade, the currency was fetching US74.3¢."

Watch Janet Yellen's announcement here.

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About Tim Strube