Australian Dollar

Dollar edges higher | Business Breaking News | News.com.au

THE Australian dollar closed marginally higher today as traders adjusted their portfolios ahead of the Group of 20 (G20) leaders meeting, which begins overnight Australian time.

At 5om (AEST), the local currency was trading at 87.42 US cents, up from yesterday's close of 87.40 cents.

Commonwealth Bank currency strategist Joseph Capurso said demand for the Australian dollar rose during the Asian session due to a weak US dollar.

Traders were a little cautious about the meeting of G20 leaders in Pittsburgh and its implications on the US dollar, Mr Capurso said.

"The Aussie was basically on an upward trend for most of the day and it is just positioning ahead of the G20 meeting coming up tonight and tomorrow night,'' he said.

"The US dollar has been weak against most currencies, so that has provided a bit of support for the Aussie dollar as well.''

This morning (AEST) the US Federal Open Market Committee (FOMC) left the US federal funds rate unchanged in a target range between zero and 0.25 per cent, as expected, after its two-day meeting in Washington DC.