n dollar has jumped by two cents against the US dollar after comments from the United States
Federal Reserve chairman caused the US currency
Speaking in Massachusetts, Ben Bernanke said the Fed`s economic stimulus program remains necessary because US unemployment is too high and inflation is too low.
The Australian dollar surged to as high as 92.99 US cents on the comments.
It was trading at 90.93 US cents before Mr Bernanke began his speech.
At 5:22pm (AEST), it was buying 92.24 US cents.
Mr Bernanke hinted that there would not be any changes to the economic stimulus until employment increases and prices become stable.
`Currently we have an unemployment rate of 7.6 per cent, which I think if anything, overstates the health of our labour markets,` he said.
`On price stability, inflation is now about 1 per cent, which is below our 2 per cent objective. So both sides of our mandate are saying that we need to be more accommodative.`
In May, Mr Bernanke hinted that the Fed may scale down its bond-buying program if growth forecasts for the US economy improve.
Those comments caused financial markets around the world to fall as investors became concerned that increases to interest rates could make borrowing money