Australian dollar back up

The Australian dollar rebounded overnight and is buying 67.69 US cents Wednesday, up from 67.25 US cents on Tuesday.

Yesterday, the local currency neared its decade low before rebounding. The Aussie dollar dipped to close to a recent 10-year low on weak retail sales figures.

The Aussie dollar dipped as low as 66.88 US cents after the Australian Bureau of Statistics announced that retail spending fell by an unexpected 0.1 percent in July.

But it later rebounded from that level – not far from a 10 and a half year low set of 66.77 cents set on August 7 – when the Reserve Bank of Australia announced in the afternoon that it would not to cut the cash rate for another month.

It was buying 67.24 US cents at 1700 AEST, from 67.31 US cents on Monday.

One Australian dollar buys 71.41 Japanese yen, from 71.46 yen ; 61.45 euro cents, from 61.28 cents ; 56.10 British pence, from 55.32 pence and 106.87 NZ cents, from 106.74 cents.