Investing.com – Australia’s dollar retreated from a 26-month high against its U.S. counterpart on Monday, falling to a daily low, ahead of the Reserve Bank of Austarlain benchmark interest rate announcement.
AUD/USD hit 0.9653 during European afternoon trade, a daily low, the pair subsequently consolidated at 0.9758, shedding 0.50%.
The pair was likely to find support at 0.9558, the low of September 28 and resistance at 0.9749, the 26-month high.
On September 20, the RBA Governor Glenn Stevens indicated that the bank would increase its benchmark interest rate before the end of the year saying, “If downside possibilities do not materialize, the task ahead is likely to be one of managing a fairly robust upswing”.
Australia is currently in the midst of the largest mining boom in over a century, which is driving up inflation.
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.24% to hit 1.4150.
Later Monday, Federal Treserve chairman Ben Bernanke was due to give a speech. His coments would be closely scrutinized for any clues to the futuredirection of monetary policy.
AUD/USD hit 0.9653 during European afternoon trade, a daily low, the pair subsequently consolidated at 0.9758, shedding 0.50%.
The pair was likely to find support at 0.9558, the low of September 28 and resistance at 0.9749, the 26-month high.
On September 20, the RBA Governor Glenn Stevens indicated that the bank would increase its benchmark interest rate before the end of the year saying, “If downside possibilities do not materialize, the task ahead is likely to be one of managing a fairly robust upswing”.
Australia is currently in the midst of the largest mining boom in over a century, which is driving up inflation.
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.24% to hit 1.4150.
Later Monday, Federal Treserve chairman Ben Bernanke was due to give a speech. His coments would be closely scrutinized for any clues to the futuredirection of monetary policy.