The Australian dollar was stuck in tight ranges above its offshore lows on Wednesday, but was seen vulnerable should US inflation data or a testimony from the Federal Reserve chief point to another US rate rise in August.
Lower commodity prices and a stronger-than-expected US producer price index had stopped the Aussie's rally in its tracks, triggering a retreat to a near two-week low of $0.7445. The Aussie was quoted at $0.7449/52, compared with $0.7489/92 late here on Tuesday.
Key support is expected around $0.7430, close to the Aussie's 200-day moving average, and with the 100-day moving average just below at $0.7427.