SYDNEY: The Australian dollar has softened against a firmer greenback following the release of positive housing data in the United States and comments from the U.S. Federal Reserve Bank.
The Australian dollar was trading at 77.37 U.S. cents at 7 a.m. local time on Wednesday, down from 77.39 U.S. cents on Tuesday.
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“The US dollar firmed after some hawkish Fed comments and strong U.S. homes sales data. (Federal Reserve Governor) Jerome Powell said he forecast (U.S. interest rate) hikes in September and December,” Westpac strategist Imre Speizer told Business Spectrum on Wednesday.
The Australian dollar fell from 77.44 U.S. cents to 76.79 U.S. cents before rebounding later in the overnight session.
