Investing.com – The Australian dollar surged to a 26-month high against its U.S. counterpart as Tuesday's rate statement by Federal Reserve policy makers continued to weigh on the U.S. dollar.
AUD/USD hit 0.9583 during European morning trade, the pair's highest since July 25, 2008; the pair subsequently consolidated at 0.9581, gaining 0.30%.
The pair was likely to find support at 0.9441, Tuesday's low and resistance at 0.9791, the high of July 22, 2008.
In their monetary policy statement for October Fed officials said the U.S. economic recovery would remain modest in the near term and indicated concern over sluggish U.S. growth and continuing low levels of inflation.
Meanwhile, the Aussie was down against the euro, with EUR/AUD gaining 0.65% to hit 1.3978.
Earlier in the week, Australia's central bank indicated that it is likely to hike its benchmark interest rate in the coming months if the country's economy continues to expend at a faster-than-expected pace.
In contrast, Federal Reserve policy makers said they were willing to ease monetary policy further to spur growth and support prices.
AUD/USD hit 0.9583 during European morning trade, the pair's highest since July 25, 2008; the pair subsequently consolidated at 0.9581, gaining 0.30%.
The pair was likely to find support at 0.9441, Tuesday's low and resistance at 0.9791, the high of July 22, 2008.
In their monetary policy statement for October Fed officials said the U.S. economic recovery would remain modest in the near term and indicated concern over sluggish U.S. growth and continuing low levels of inflation.
Meanwhile, the Aussie was down against the euro, with EUR/AUD gaining 0.65% to hit 1.3978.
Earlier in the week, Australia's central bank indicated that it is likely to hike its benchmark interest rate in the coming months if the country's economy continues to expend at a faster-than-expected pace.
In contrast, Federal Reserve policy makers said they were willing to ease monetary policy further to spur growth and support prices.