Investing.com - The Australian dollar was higher against its U.S. counterpart on Monday, as market sentiment improved ahead of a highly anticipated speech by Federal Reserve Chairman Ben Bernanke later in the day.
hit 1.0562 during late Asian trade, the session high; the pair subsequently consolidated at 1.0557, adding 0.19%.
The pair was likely to find support at 1.0494, the low of January 10 and resistance at 1.0591, the high of January 11.
The greenback weakened broadly ahead of a speech by Ben Bernanke on monetary policy and the recovery from the global financial crisis later Monday, amid speculation that the Fed chairman would quash speculation over an earlier-than-expected end to the central bank’s quantitative easing program.
Meanwhile, risk sentiment remained supported after European Central Bank President Mario Draghi said last week that a gradual recovery in the euro zone economy would begin this year.
In Australia, data showed that job advertisements fell 3.80% in December, after a 2.80% decline the previous month.
Elsewhere, the Aussie was steady against the euro with inching up 0.04%, to hit 1.2665.
Later in the day, the euro zone was to release official data on industrial production.