Investing.com – The Australian dollar climbed to a record high against its U.S. counterpart on Thursday, after Federal Reserve Chairman Ben Bernanke signaled that the central bank will maintain record monetary stimulus to bolster U.S. growth.
AUD/USD hit 1.0947 during late Asian trade, the pair’s highest since it was floated in December 1983; the pair subsequently consolidated at 1.0916, gaining 0.40%.
The pair was likely to find support at 1.0773, Wednesday’s low and short-term resistance at 1.1000.
In his first ever post-policy meeting press conference on Wednesday, Bernanke said that the U.S. labor market was improving, but it still was not in good shape and that the Fed will do what is necessary to ensure low inflation.
The central bank, which left interest rates unchanged, said it "will complete" its USD600 billion bond-buying program by the end of June and hold short-term rates at a record low for an "extended period." Bernanke said there was no timetable for tightening.
In contrast, government data earlier Wednesday showed that Australian consumer prices jumped the most since 2006 in the first quarter, adding to expectations for rate hikes by the country’s central bank this year.
Meanwhile, the Aussie was down against the yen, with AUD/JPY shedding 0.29% to hit 89.00.
Later Thursday, the U.S. was to publish advance data on first quarter gross domestic product, as well as official data on initial jobless claims.
AUD/USD hit 1.0947 during late Asian trade, the pair’s highest since it was floated in December 1983; the pair subsequently consolidated at 1.0916, gaining 0.40%.
The pair was likely to find support at 1.0773, Wednesday’s low and short-term resistance at 1.1000.
In his first ever post-policy meeting press conference on Wednesday, Bernanke said that the U.S. labor market was improving, but it still was not in good shape and that the Fed will do what is necessary to ensure low inflation.
The central bank, which left interest rates unchanged, said it "will complete" its USD600 billion bond-buying program by the end of June and hold short-term rates at a record low for an "extended period." Bernanke said there was no timetable for tightening.
In contrast, government data earlier Wednesday showed that Australian consumer prices jumped the most since 2006 in the first quarter, adding to expectations for rate hikes by the country’s central bank this year.
Meanwhile, the Aussie was down against the yen, with AUD/JPY shedding 0.29% to hit 89.00.
Later Thursday, the U.S. was to publish advance data on first quarter gross domestic product, as well as official data on initial jobless claims.