Investing.com - The Australian dollar edged higher against its U.S. counterpart on Monday, although demand for the greenback remained supported by expectations for further reductions in stimulus by the Federal Reserve.
AUD/USD hit 0.8982 during late Asian trade, the session high; the pair subsequently consolidated at 0.8963, adding 0.16%.
The pair was likely to find support at 0.8885, the low of January 3 and resistance at 0.9082, the high of December 12.
Demand for the dollar remained supported after comments from outgoing Federal Reserve Chairman Ben Bernanke boosted the outlook for the U.S. economy.
Speaking Friday, Bernanke said the U.S. economy should continue to improve in 2014, but added that the recovery remains incomplete.
Elsewhere, data over the weekend showed that activity in China’s services sector slumped to the weakest level since August 2011 in December, fuelling concerns over the outlook for growth in the world’s second largest economy.
China is Australia's biggest export partner.
The Aussie was higher against the euro, with EUR/AUD shedding 0.28% to 1.5147.
Later in the day, the U.S. was to publish data on factory orders, while the Institute of Supply Management was to release data on service sector activity.
AUD/USD hit 0.8982 during late Asian trade, the session high; the pair subsequently consolidated at 0.8963, adding 0.16%.
The pair was likely to find support at 0.8885, the low of January 3 and resistance at 0.9082, the high of December 12.
Demand for the dollar remained supported after comments from outgoing Federal Reserve Chairman Ben Bernanke boosted the outlook for the U.S. economy.
Speaking Friday, Bernanke said the U.S. economy should continue to improve in 2014, but added that the recovery remains incomplete.
Elsewhere, data over the weekend showed that activity in China’s services sector slumped to the weakest level since August 2011 in December, fuelling concerns over the outlook for growth in the world’s second largest economy.
China is Australia's biggest export partner.
The Aussie was higher against the euro, with EUR/AUD shedding 0.28% to 1.5147.
Later in the day, the U.S. was to publish data on factory orders, while the Institute of Supply Management was to release data on service sector activity.