Currency Update: AUD is currently trading around USD 0.8950

Currency Update: AUD is currently trading around USD 0.8950. Most major currencies took a break yesterday, with little activity in the foreign exchange market as investors wait for upcoming events later in the week. Our first opportunity will come early Wednesday morning (Australian time) when the new head of the US Federal Reserve, Janet Yellen, appears before a congressional committee for the first time. It is highly anticipated that Dr Yellen will be asked about the timing of the scaling back of the Fed's massive economic stimulus program. Most expect her to be more on the dovish side but to still continue the theme of steady tapering. US equities were slightly lower, while European markets were mixed. Gold was stronger, rising to USD1,275.5 per ounce while oil prices were mixed. Currencies failed to make any headway with the USD slightly lower, the JPY a little stronger, while the NZD underperformed.