Investing.com - The Australian dollar rose to an eight-day high against its U.S. counterpart on Tuesday, after the minutes of the Reserve Bank of Australia’s July meeting indicated that policymakers are not planning any further rate cuts in the coming months.
AUD/USD hit 1.0309 during late Asian trade, the pair’s highest since July 5; the pair subsequently consolidated at 1.0298, gaining 0.48%.
The pair was likely to find support at 1.0236, the session low and resistance at 1.0328, the high of July 5 and a four-month high.
In minutes of its July policy meeting, the RBA said there was "no need" to cut interest rates, citing stronger economic growth and the fact that rates were cut in May and June.
Meanwhile, investors were looking ahead to testimony to the Senate by Federal Reserve Chairman Ben Bernanke later Tuesday, amid ongoing speculation over whether the U.S. central bank will introduce more easing to stimulate the economy.
Expectations for another round of easing by the bank were boosted on Monday after official data showing a third consecutive monthly decline in U.S. retail sales in June.
The Australian dollar was trading close to a record high against the euro, with EUR/AUD shedding 0.37% to trade at 1.1929 and was up against the yen, with AUD/JPY gaining 0.59% to hit 81.29.
Later Tuesday, the U.S. was to publish official data on consumer price inflation, as well as reports on the capacity utilization rate and industrial production.
AUD/USD hit 1.0309 during late Asian trade, the pair’s highest since July 5; the pair subsequently consolidated at 1.0298, gaining 0.48%.
The pair was likely to find support at 1.0236, the session low and resistance at 1.0328, the high of July 5 and a four-month high.
In minutes of its July policy meeting, the RBA said there was "no need" to cut interest rates, citing stronger economic growth and the fact that rates were cut in May and June.
Meanwhile, investors were looking ahead to testimony to the Senate by Federal Reserve Chairman Ben Bernanke later Tuesday, amid ongoing speculation over whether the U.S. central bank will introduce more easing to stimulate the economy.
Expectations for another round of easing by the bank were boosted on Monday after official data showing a third consecutive monthly decline in U.S. retail sales in June.
The Australian dollar was trading close to a record high against the euro, with EUR/AUD shedding 0.37% to trade at 1.1929 and was up against the yen, with AUD/JPY gaining 0.59% to hit 81.29.
Later Tuesday, the U.S. was to publish official data on consumer price inflation, as well as reports on the capacity utilization rate and industrial production.