The Australian dollar climbed today, rebounding from the lowest level in three months, as European financial ministers announced that the permanent bailout fund is operational and as commodity prices went higher.

Europe’s finance chiefs were meeting yesterday and after the meeting they announced that the full-time fund is now available for aid of the problem-ridden countries. Prices for iron ore, the main export commodity of Australia, jumped to the highest level in more than a month. Gains of riskier currencies were limited after the International Monetary Fund trimmed its global growth forecast.

AUD/USD advanced from 1.0188 to 1.02288 and AUD/JPY rose from 79.79 to 80.02 as of 12:06 GMT today.

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