Investing.com - The Australian dollar was sharply higher against its U.S. counterpart on Monday, as the greenback came under broad selling pressure ahead of the Federal Reserve's policy meeting this week.
AUD/USD hit 0.9395 during late Asian trade, the session high; the pair subsequently consolidated at 0.9336, rallying 0.97%.
The pair was likely to find support at 0.9168, the low of September 9 and resistance at 0.9557, the high of June 19.
Investors were awaiting Wednesday’s outcome of the upcoming Fed meeting, after a recent series of lukewarm U.S. data raised doubts over whether the central bank will start to taper its USD85 billion-a-month bond buying program.
The greenback also came under pressure after Lawrence Summers pulled out of the race to be the next Fed chairman, easing investor concerns that he would roll back economic stimulus measures more aggressively than his main rival for the post, Janet Yellen.
The Aussie was also higher against the New Zealand dollar with AUD/NZD adding 0.16%, to hit 1.1385.
Also Monday, the Westpac Banking Corporation said its consumer sentiment index for New Zealand fell to 115.4 in the third quarter, from a reading of 116.6 in the previous quarter.
Later in the day, the U.S. was to publish the Empire state manufacturing index, in addition to data on industrial production and the capacity utilization rate.
AUD/USD hit 0.9395 during late Asian trade, the session high; the pair subsequently consolidated at 0.9336, rallying 0.97%.
The pair was likely to find support at 0.9168, the low of September 9 and resistance at 0.9557, the high of June 19.
Investors were awaiting Wednesday’s outcome of the upcoming Fed meeting, after a recent series of lukewarm U.S. data raised doubts over whether the central bank will start to taper its USD85 billion-a-month bond buying program.
The greenback also came under pressure after Lawrence Summers pulled out of the race to be the next Fed chairman, easing investor concerns that he would roll back economic stimulus measures more aggressively than his main rival for the post, Janet Yellen.
The Aussie was also higher against the New Zealand dollar with AUD/NZD adding 0.16%, to hit 1.1385.
Also Monday, the Westpac Banking Corporation said its consumer sentiment index for New Zealand fell to 115.4 in the third quarter, from a reading of 116.6 in the previous quarter.
Later in the day, the U.S. was to publish the Empire state manufacturing index, in addition to data on industrial production and the capacity utilization rate.