The Australian Dollar remained at a steady level after Treasurer Peter Costello announced the budget with a focus on tax cuts and increased spending. A government report was also released, showing an increase in retail sales. It is expected that data tomorrow will show unemployment at a 31-year low. ''The medium-term effect of the budget is stimulatory for the Australian economy and hence positive for the Australian dollar,'' said Richard Grace, senior currency strategist at Commonwealth Bank of Australia in Sydney.
In the foreign exchange, the Australian Dollar traded at 82.74 U.S. cents this morning in comparison to 82.84 U.S. cents in late Asian trading yesterday.
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