The Australian dollar jumped back towards one-month highs overnight, shrugging off a new low in iron ore prices after the RBA governor told economists they should "chill out" on the prospects for another rate cut next week.
The Australian dollar plunged on Monday, as further greenback support and the resulting commodity price weakness reversed a week-long rally driven mainly by investors unwinding or covering bets the local unit would decline.
Shares in Billabong have plunged after the surfwear and skateboards retailer revealed the lower Australian dollar and weakness in the North American market had dented earnings in the first four months of fiscal 2016.
... the second quarter, US Commerce Department data released overnight shows. CURRENCY SNAPSHOT AT 0630 AEDT ON WEDNESDAY. One Australian dollar buys: * 72.45 US cents, from 72.02 cents on Tuesday. * 88.62 Japanese yen, from 88.37 yen.