The Aussie dollar has had its best day since the Global Financial Crisis, surging against the US greenback.
The Australian Financial Review said the dollar rose 3.3 per cent yesterday, the largest single-day gain since 2007-08.
The currency's renewed strength followed US President Donald Trump's announcement of a 90-day pause on tariffs into the US on most countries.
Strong tariffs remain in place on China, however.
The dollar reached US61.75c overnight and remained at US61.36c early today.
The global economy appeared to be in open rebellion against Trump's tariffs as they took effect early yesterday, a signal that the US president was not immune from market pressures.
By early afternoon, Trump posted on Truth Social that because more than 75 countries had reached out to the US government for trade talks and had not retaliated in meaningful ways.
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"I have authorised a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10 (per cent), also effective immediately," he wrote.
Trump later told reporters that he pulled back on many global tariffs – but not on China – because people were "yippy" and "afraid" due to the stock market declines.
He added that while he expected to reach deals, "nothing's over yet."
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