SYDNEY: The Australian dollar is lower, after US stocks fell ahead of Congressional testimony from US Federal Reserve Chair Janet Yellen.
At 0630 AEDT on Tuesday, the local dollar was trading at 78.02 US cents, down from 78.36 cents on Monday.
US stocks have adopted a defensive posture after reaching record highs, at the end of last week.
Yellen appears Tuesday and Wednesday (US time) for Capitol Hill hearings that will offer the Fed its first major forum since minutes from the central bank’s last meeting suggested the US central bank was dovish about lifting interest rates.
