Australian Dollar Explodes Above US95c On Bernanke's Taper Call

It was all quiet on markets last night as the Fed’s Taper was baked in the cake.

So even though markets had decided that it was only going to be a small amount of $10 billion the decision by the Fed to leave things as they are and not Taper was a big shock.

There is nothing in markets like a central bank surprise to get traders’ hearts racing so with the US dollar knocked over the fence for six the Aussie Dollar has roared higher up through 94 cents to briefly trade above 95 cents before this current pullback.

Importers will love this but with the prospect of further gains to 96 cents the RBA and exporters are not going to be happy with the Fed.

Follow Greg McKenna on Twitter

Follow Business Insider Australia on Facebook and Twitter

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at