Investing.com - The Australian dollar was higher against its U.S. counterpart on Monday, although investors remained cautious ahead of the Federal Reserve’s upcoming policy meeting on Wednesday.
AUD/USD hit 0.9642 during late Asian trade, the session high; the pair subsequently consolidated at 0.9623, advancing 0.53%.
The pair was likely to find support at 0.9430, the low of June 13 and resistance at 0.9760, the high of June 4.
The greenback weakened last week amid growing expectations that the Fed will to start taper off its bond purchasing program later this year.
Investors were looking ahead to the central bank’s rate statement on Wednesday amid uncertainty over the bank's next move.
In Australia, official data showed that new motor vehicle sales were flat in May, after a 1.7% decline the previous month.
The Aussie was also higher against the euro with EUR/AUD declining 0.63%, to hit 1.3851.
Later in the day, the G8 group was to hold the first day of a two day summit in Northern Ireland.
AUD/USD hit 0.9642 during late Asian trade, the session high; the pair subsequently consolidated at 0.9623, advancing 0.53%.
The pair was likely to find support at 0.9430, the low of June 13 and resistance at 0.9760, the high of June 4.
The greenback weakened last week amid growing expectations that the Fed will to start taper off its bond purchasing program later this year.
Investors were looking ahead to the central bank’s rate statement on Wednesday amid uncertainty over the bank's next move.
In Australia, official data showed that new motor vehicle sales were flat in May, after a 1.7% decline the previous month.
The Aussie was also higher against the euro with EUR/AUD declining 0.63%, to hit 1.3851.
Later in the day, the G8 group was to hold the first day of a two day summit in Northern Ireland.