Forex Pros – The Australian dollar was up against its U.S. counterpart on Wednesday, rising to hit a daily high after Reserve Bank of Australia Governor Glenn Stevens gave an upbeat speech on the nation’s mining boom.
AUD/USD hit 1.0058 during European morning trade, a daily high; the pair subsequently consolidated at 1.0034, gaining 0.46%.
The pair was likely to find support at 0.9966, Tuesday’s low and resistance at 1.0150, the high of February 21.
Speaking at the Victoria University Conference in Melbourne earlier Wednesday, RBA governor Stevens said the resource boom currently boosting the country’s economy was “being driven by a big increase in demand for key Australian export commodities.â€
The upbeat comments indicated rising confidence in the sustainability of the country’s economic expansion.
The Aussie also benefitted after ratings agency Moody’s Investors Service said there was no need for a near-term New Zealand ratings downgrade.
Meanwhile, the Australian dollar was down against the euro, with EUR/AUD easing up 0.03% to hit 1.3671.
Later in the day, the U.S. was to publish industry data on existing home sales.
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