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Australian dollar declines

dollar14The Australian dollar is lower after US stocks tumbled as political stability in Italy sparked caution among investors.

At 0635 AEST on Wednesday, the local currency was worth 75.06 US cents, down from 75.35 US cents on Tuesday.

Italy has been unable to assemble a coalition government after its elections in March, which saw the rise of anti-establishment parties that support leaving the euro, which may result in another round of elections.

One Australian dollar buys 81.57 Japanese yen, from 82.06 yen and 65.07 euro cents, from 64.96 euro cents.

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