The Australian dollar rose on the yen on Wednesday for the third straight trading session, aided by firm Asian stocks, record gold prices and easing fears over the impact of Dubai's credit crisis. The Aussie rose to 80.59 yen, from 79.65 seen here late Tuesday, with one trader saying major Japanese investment banks were seen buying the Aussie. Next resistance levels are at 81.08, then 81.22.
Otherwise, the Aussie was steady against the US dollar at $0.9267, little changed from $0.9250 seen early Wednesday, but still well up from Friday's $0.8944 low. "As Dubai-related jitters fade, the Aussie is likely to hold above $0.90," Credit Suisse said in a note to clients.