Investing.com – The Australian dollar was down against its U.S. counterpart on Monday, dropping to a daily low after remarks by Federal Reserve Chairman Ben Bernanke and ahead of the Reserve Bank of Australia’s monetary policy meeting.
AUD/USD hit 0.9851 during European morning trade, the daily low; the pair subsequently consolidated at 0.9855, tumbling 0.75%.
The pair was likely to find support at 0.9739, last Friday’s low and resistance at 0.9937, Friday’s high.
In an interview with CBS's "60 Minutes" aired Sunday, Bernanke said it could be four to five years before the U.S. returned to a more normal jobless rate but that the U.S. economy was not likely to fall back into a recession.
The Fed chair also said purchases of Treasuries beyond the USD600 billion announced last month were “certainly possible.”
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.38% to hit 1.3452.
RBA policy makers were expected to leave the benchmark interest rate unchanged at 4.75% following their meeting later in the day after RBA Governor Glenn Stevens said ten days ago that “there’s unlikely to be anything from us imminently” on borrowing costs.
AUD/USD hit 0.9851 during European morning trade, the daily low; the pair subsequently consolidated at 0.9855, tumbling 0.75%.
The pair was likely to find support at 0.9739, last Friday’s low and resistance at 0.9937, Friday’s high.
In an interview with CBS's "60 Minutes" aired Sunday, Bernanke said it could be four to five years before the U.S. returned to a more normal jobless rate but that the U.S. economy was not likely to fall back into a recession.
The Fed chair also said purchases of Treasuries beyond the USD600 billion announced last month were “certainly possible.”
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.38% to hit 1.3452.
RBA policy makers were expected to leave the benchmark interest rate unchanged at 4.75% following their meeting later in the day after RBA Governor Glenn Stevens said ten days ago that “there’s unlikely to be anything from us imminently” on borrowing costs.