The Australian dollar was capped just below $0.7800 on Tuesday as caution set in ahead of US economic data and a speech by the Federal Reserve chief, but found support from a broadly weaker US dollar.
Some analysts still think the Aussie can test $0.8000 by the end of the year, although this would be dependent on soft US economic data and firm readings for major domestic data.
The Aussie dollar has pulled back since briefly touching A$0.7820 on Monday, its highest since May 2005. That was reached on the back of a sharp and broad fall in the US dollar. The Aussie dollar was quoted at $0.7786/91 compared with $0.7792/96 here late on Monday, according to Reuters data. It ranged from $0.7777 to $0.7795.
Comments
Comments are closed.