By RACHEL PANNETT SYDNEY--The Australian dollar was little changed late Friday after European policymakers disappointed overnight by announcing no new measures to resolve the euro-zone debt crisis. At 0551 GMT, the Australian dollar was at US$1.0479 from US$1.0473 late Thursday and at Y81.93 from Y82.13. "We are surprised the Australian dollar is not lower," Westpac WBC.AU -0.98% strategists Robert Rennie and Richard Franulovich said in a client note. Westpac is targeting a move back towards US$1.0377 and then on toward parity. On Thursday, European Central Bank President Mario Draghi killed hopes the central bank would take action in troubled euro-zone debt markets, a week after he had raised expectations for decisive measures to combat the continent's debt crisis. Spanish 10-year bond yields rose back above 7% amid a broad selloff in European assets, potentially setting up another disruptive period for global markets. Looking ahead to next week, Australia's central bank is expected to hold fire and keep interest rates steady on Tuesday, with the focus likely to return to a solidly performing economy. A survey of 17 economists by Dow Jones Newswires conducted Friday shows all expect the Reserve Bank of Australia to keep its powder dry leaving the cash rate at 3.50%. --James Glynn in Sydney contributed to this article -Write to Rachel Pannett at rachel.pannett@wsj.com

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