Forex - Aussie rises against broadly weaker greenback
Investing.com
Published Jul 28, 2015 02:41AM ET
Aussie gains ground vs. greenback ahead of Fed meeting
Investing.com - The Australian dollar rose against its U.S. counterpart on Tuesday, as demand for the greenback remained under pressure ahead of the Federal Reserve's highly-anticipated policy statement on Wednesday.
AUD/USD hit 0.7327 during late Asian trade, the session high; the pair subsequently consolidated at 0.7316, gaining 0.69%.
The pair was likely to find support at 0.7257, the low of July 24 and a six-year low and resistance at 0.7362, the high of July 24.
Investors were turning their attention to Wednesday’s Fed statement to see if policymakers will give any indication on the timing of a rate hike.
On Friday, the Fed mistakenly published a staff projection pointing to a quarter point rate hike later this year.
The dollar has been boosted in recent weeks by mounting expectations that the U.S. central bank could raise rates as soon as September if the economy continues to improve as expected.
The Aussie was higher against the euro, with EUR/AUD declining 0.88% to 1.5122.
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Written By: Investing.com
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