The Australian dollar is firmer after the People's Bank of China indicated it would move to prevent a credit crunch in the world's second largest economy.
The Australian dollar has held its own against a stronger greenback driven by positive data, after China's central bank moved to calm fears that its country faces a credit crisis.
US stocks have closed higher, helped by data showing more strength and confidence in the US economy and as worries eased over a credit crunch in China.
The Australian share market has opened slightly higher in defiance of declining Asian and US markets and concerns of a cash crunch in China after its worst growth reading in 13 years.
Gold, silver and platinum have slumped to multi-year lows as investors dump the precious metals on the belief that rising US interest rates and a cash crunch in China will limit demand.
US stocks have ended the day decisively lower on concerns about the Chinese economy but rallied well above their intraday lows as US Treasury yields retreated.
Australian shares have posted their largest one-day loss in two months as nervous investors looked to steep falls on Asian markets due to fears of a credit crunch in China.
The Australian share market is expected to extend its losses in morning trade after opeing more than one per cent lower, but should make something of a late recovery into the close.
Gold and silver futures have pulled higher as investors who wagered on lower prices cashed in gains on the previous day's slump, and as a rebound in physical purchases buoyed prices.
US investors have endured another down week after the Federal Reserve surprised markets by signalling that it would begin to taper its bond-buying program later this year.
The Australian dollar has fallen below the 92 US cent mark as a report showing weakness in Chinese manufacturing adds to worries about the US Federal Reserve scaling back economic stimulus measures
Australian shares suffered their worst loss in a day since February amid jitters over a cutback in US stimulus measures and weaker than expected Chinese manufacturing data.
Australian shares have opened lower after the US Federal Reserve indicated it could wind back of its massive stimulus program for the world's largest economy before too long.
Australian shares have gained ground as investors took a cautiously optimistic stance ahead of a keenly awaited update on economic stimulus measures in the United States.
