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Forex - Aussie, kiwi little changed after Yellen remarks

Investing.com -

Investing.com - The Australian and New Zealand dollars were little changed against their U.S. counterpart on Wednesday, as comments by Federal Reserve Chair Janet Yellen lent support to the greenback, although investors became more cautious ahead of a string of U.S. data.

AUD/USD was steady at 0.7667, off the previous session's three-month high of 0.7700.

The greenback strengthened broadly after Ms. Yellen told the U.S. Senate Banking Committee on Tuesday that the central bank will likely need to raise interest rates at one of its upcoming meetings.

However, she also expressed caution amid sustained uncertainty over economic policies under President Donald Trump's administration.

NZD/USD was almost unchanged at 0.7173, after hitting a three-and-a-half week low of 0.7132 on Tuesday.

Market participants were looking ahead to U.S. data on inflation retail sales and industrial production, as well as a report on manufacturing activity in the New York area due later in the day, for further indications on the strength of the economy.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up 0.08% at 101.28, just off Tuesday's three-and-a-half week high of 101.39.

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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.

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