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Forex - AUD/USD higher, Bernanke speech in focus

By Investing.comForexJan 14, 2013 07:52AM GMT Add a Comment
 
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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.

Forex - AUD/USD higher, Bernanke speech in focus
AUD/USD 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 EUR/AUD inching up 0.04%, to hit 1.2665.

Later in the day, the euro zone was to release official data on industrial production.


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