Investing.com - The Australian dollar was lower against its U.S. counterpart on Tuesday, after the Reserve Bank of Australia left interest rates unchanged and said a weaker currency will be needed to support growth.
AUD/USD hit 0.9522 during late Asian trade, the session low; the pair subsequently consolidated at 0.9483, shedding 0.28%.
The pair was likely to find support at 0.9422, the low of November 1 and resistance at 0.9548, the high of October 15.
At the end of its monthly policy meeting, the RBA held its benchmark interest rate at a record-low 2.5%, in line with market expectations.
Commenting on the decision, RBA Chairman Glenn Stevens said the Aussie remained "uncomfortably high" and that "a lower level of the exchange rate is likely to be needed to achieve balanced growth in the economy".
Meanwhile, comments by Federal Reserve officials on Monday indicated that the bank is likely to keep its stimulus program in place for some time to come.
Federal Reserve Bank of Boston President Eric Rosengren said bank should keep its asset purchase program in place until there is "compelling evidence of a sustainable recovery making satisfactory progress toward full employment."
The Aussie was also lower against the euro with EUR/AUD adding 0.15%, to hit 1.4232.
Later in the day, the Institute of Supply Management is to release a report on service sector activity.
AUD/USD hit 0.9522 during late Asian trade, the session low; the pair subsequently consolidated at 0.9483, shedding 0.28%.
The pair was likely to find support at 0.9422, the low of November 1 and resistance at 0.9548, the high of October 15.
At the end of its monthly policy meeting, the RBA held its benchmark interest rate at a record-low 2.5%, in line with market expectations.
Commenting on the decision, RBA Chairman Glenn Stevens said the Aussie remained "uncomfortably high" and that "a lower level of the exchange rate is likely to be needed to achieve balanced growth in the economy".
Meanwhile, comments by Federal Reserve officials on Monday indicated that the bank is likely to keep its stimulus program in place for some time to come.
Federal Reserve Bank of Boston President Eric Rosengren said bank should keep its asset purchase program in place until there is "compelling evidence of a sustainable recovery making satisfactory progress toward full employment."
The Aussie was also lower against the euro with EUR/AUD adding 0.15%, to hit 1.4232.
Later in the day, the Institute of Supply Management is to release a report on service sector activity.