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Forex - AUD/USD slips lower ahead of Fed statement

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Investing.com -

Investing.com - The Australian dollar slipped lower against its U.S. counterpart on Wednesday, as investors awaited the Federal Reserve's monthly policy statement later in the day, as well as upcoming U.S. data.

AUD/USD hit 0.9374 during early European trade, the session low; the pair subsequently consolidated at 0.9372, easing 0.13%.

The pair was likely to find support at 0.9338, the low of July 18 and resistance at 0.9424, the high of July 25.

The greenback remained supported ahead of preliminary data on U.S. second-quarter growth and the Federal Reserve's latest rate statement, both due on Wednesday. Investors were also awaiting the July employment report on Friday.

Earlier this month Fed Chair Janet Yellen said that rates could rise sooner if the recovery in the labor market continued.

The Aussie was lower against the New Zealand dollar, with AUD/NZD edging down 0.20% to 1.1012.

Also Wednesday, official data showed that New Zealand building consents rose 3.5% last month, after a 4.6% decline in May.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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