Investing.com - The Australian dollar declined against its U.S. counterpart on Wednesday, as comments by Federal Reserve Chairman Ben Bernanke broadly supported demand for the greenback.
AUD/USD hit 0.9382 during late Asian trade, the session low; the pair subsequently consolidated at 0.9389, dropping 0.47%.
The pair was likely to find support at 0.9306, the low of November 15 and resistance at 0.9480, the high of November 8.
The greenback strengthened broadly after Bernanke said the Fed would maintain its accommodative monetary policy for as long as needed and would taper its USD85 billion-a-month asset purchase program only when it was sure that improvements in the labor market would continue.
Interest rates will probably remain near zero for a “considerable time” after the bank winds up asset purchase program, he added.
Last week Janet Yellen, who has been nominated to succeed Ben Bernanke, reiterated the need for continued stimulus to ensure a robust economic recovery.
Investors were turning their attention to the minutes of the Fed’s October meeting due later Wednesday for further indications on the future course of U.S. monetary policy.
The Aussie was steady against the New Zealand dollar with AUD/NZD easing 0.05%, to hit 1.1261.
Official data earlier showed that producer price inflation input rose 2.2% in the third quarter, exceeding expectations for a 0.6% uptick, after a 0.6% rise in the three months to June.
Producer price inflation output rose 2.4% in the last quarter, more than the expected 1% increase, after a 1% rise in the second quarter.
Later in the day, the U.S. was to release a report on retail sales and the government measure of consumer spending, as well as data on consumer inflation, existing home sales and business inventories.
AUD/USD hit 0.9382 during late Asian trade, the session low; the pair subsequently consolidated at 0.9389, dropping 0.47%.
The pair was likely to find support at 0.9306, the low of November 15 and resistance at 0.9480, the high of November 8.
The greenback strengthened broadly after Bernanke said the Fed would maintain its accommodative monetary policy for as long as needed and would taper its USD85 billion-a-month asset purchase program only when it was sure that improvements in the labor market would continue.
Interest rates will probably remain near zero for a “considerable time” after the bank winds up asset purchase program, he added.
Last week Janet Yellen, who has been nominated to succeed Ben Bernanke, reiterated the need for continued stimulus to ensure a robust economic recovery.
Investors were turning their attention to the minutes of the Fed’s October meeting due later Wednesday for further indications on the future course of U.S. monetary policy.
The Aussie was steady against the New Zealand dollar with AUD/NZD easing 0.05%, to hit 1.1261.
Official data earlier showed that producer price inflation input rose 2.2% in the third quarter, exceeding expectations for a 0.6% uptick, after a 0.6% rise in the three months to June.
Producer price inflation output rose 2.4% in the last quarter, more than the expected 1% increase, after a 1% rise in the second quarter.
Later in the day, the U.S. was to release a report on retail sales and the government measure of consumer spending, as well as data on consumer inflation, existing home sales and business inventories.