Investing.com - The Australian dollar was higher against its U.S. counterpart on Monday, but gains were limited as ongoing expectations for a near-term end to the Federal Reserve's stimulus program continued to support the greenback.
AUD/USD hit 0.9234 during late Asian trade, the pair's highest since July 18; the pair subsequently consolidated at 0.9208, rising 0.30%.
The pair was likely to find support at 0.9139, the low of July 18 and resistance at 0.9300, the high of July 10.
The greenback remained supported after Fed Chairman Ben Bernanke said last week that the central bank could scale back its asset purchases by the end of the year if the economy continues to improve, but added that there was no “preset course.”
Bernanke said the economic recovery was continuing at a moderate pace but reiterated that monetary policy will remain accommodative for the foreseeable future.
The Aussie was higher against the euro with EUR/AUD shedding 0.26%, to hit 1.4278.
Later in the day, the U.S. was to release private sector data on existing home sales.
AUD/USD hit 0.9234 during late Asian trade, the pair's highest since July 18; the pair subsequently consolidated at 0.9208, rising 0.30%.
The pair was likely to find support at 0.9139, the low of July 18 and resistance at 0.9300, the high of July 10.
The greenback remained supported after Fed Chairman Ben Bernanke said last week that the central bank could scale back its asset purchases by the end of the year if the economy continues to improve, but added that there was no “preset course.”
Bernanke said the economic recovery was continuing at a moderate pace but reiterated that monetary policy will remain accommodative for the foreseeable future.
The Aussie was higher against the euro with EUR/AUD shedding 0.26%, to hit 1.4278.
Later in the day, the U.S. was to release private sector data on existing home sales.