Australian dollar lifts

Australian shares are poised to bounce sharply amid a global rally on hopes of a US economic stimulus deal.

Overnight the US, European and Chinese stock markets also surged on hopes a $US2 trillion stimulus deal would soon be clinched.

The local bourse rallied on Tuesday from a near eight-year low with the US Federal Reserve taking drastic action to shore up markets and new coronavirus cases seeming to plateau in Italy.

The Australian dollar was buying 59.57 US cents at 0800 AEDT on Wednesday up from 59.39 US as the market closed on Tuesday.

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