The Australian dollar was trading at $US 98.42 cents early this morning after spending a quiet trading overseas. The value is eight cents (0.08 percent) lower than Monday's close of $US 98.50 cents.

Expectations that the U.S. Federal Open Markets Committee (FOMC) will continue its quantitative easing program this November is growing. U.S. Federal Reserve sentiments towards the easing may just determine the value of the local currency until the end of the year.

The dollar was trading between $US 98.21 cents and $US 98.76 cents since 5 p.m. on Monday.

The Australia dollar can buy the British pound at $AU 1.6182, the Euro at $AU 1.4153, and the Canadian dollar at $AU 1.0037. It could be exchanged with a unit of the Chinese Yuan for $AU 0.1523 cents, the Hong Kong dollar for $AU 0.1308 cents, and the Japanese Yen for 0.0123 cent. Against the Singapore dollar, the local unit is equivalent to $AU 0.7777 cents.

The New Zealand Kiwi is worth $AU 0.7640 cents.

The National Australia Bank (ASX: NAB) will release its business confidence survey later this morning. The bank reported a business confidence index of 11 for August. The figure is a big jump from July's index of 2.

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