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SYDNEY, April 1 Asia Pulse - The Australian dollar started Wednesday's local session one US cent higher as a rally on global markets lifted demand for the high-yielding currency.
At 0700 AEDT, the Australian dollar was trading at US$0.6950 54, up 1.42 per cent from Tuesday's close of US$0.6852/57.
During Tuesday's offshore session, the dollar moved between US$0.6851 and US$0.6970.
Wall Street rebounded from its fall on Monday with financial stocks leading the gains on speculation they have become more eager to lend.
The Dow Jones Industrial Average closed up 1.16 per cent, the broader Standard & Poor's 500 index rose 1.31 per cent and the Nasdaq composite index was 1.78 per cent higher.
ANZ Banking Group senior markets dealer, Alex Sinton, said market sentiment improved on growing optimism for the Group of 20 (G20) leaders meeting in London this Thursday.
"With equities as strong as they are currently, they are giving a little bit of help to the commodity currencies," Mr Sinton said from Auckland.
Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS HIGHER - APRIL 1, 2009.