Currency Update: The AUD has recovered slightly, at USD0.9470 after dipping to a 3-week low following the US FederalReserve's announcement it will keep its...

Currency Update: The AUD has recovered slightly, at USD0.9470 after dipping to a 3-week low following the US FederalReserve's announcement it will keep its aggressive economic stimulus program in place for the moment. The FOMC said the US economy still needed support and it would keep buying $US85 billion in government bonds every month to encourage borrowing and spending. This was generally expected by markets due to the US's unemployment rate remaining elevated and with current fiscal policy restraining growth. This led to the USD strengthening against all key currencies. Today in Australia, we have September building approvals and private sector credit. The market expects building approvals to have increased in September thanks to low interest rates and house price gains driving increased residential construction activity. Credit growth is expected to have picked up modestly in September. This should see the AUD trading in a tight range today.