Bell FX: The AUD is lower, at USD 0.9310, consolidating after a rally on the back of Federal Reserve chair nominee Dr Janet Yellen's testimony to a US Senate...

Bell Potter

Bell FX: The AUD is lower, at USD 0.9310, consolidating after a rally on the back of Federal Reserve chair nominee Dr Janet Yellen's testimony to a US Senate committee. In currency markets the USD reaction to Yellen's testimony to the US Senate banking committee was relatively muted. There is little data to be market moving over the next 24 hours but with the focus of markets on FOMC tapering of asset purchases so for today, domestic markets will likely be left picking at the bones of Dr Yellen's commentary. Markets were relatively steady overnight with equity markets modestly higher. It is perhaps that Dr Yellen was expected to be dovish and she met those expectations. The market now goes back to monitoring the data for clues as to when the taper may begin. Today's Forecast Range USD: 0.9295 - 0.9365


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