Australian dollar falls

Australian MoneyThe Australian dollar has fallen against its US counterpart which rebounded overnight following a mix of positive data and a

confirmation hearing for US Federal Reserve chair nominee, Jerome Powell.

At 0630 AEDT on Wednesday, the Australian dollar was worth 76.06 US cents, down from 76.13 US cents on Tuesday.

The greenback strengthened overnight after the Conference Board index of consumer confidence rose to a 17-year high and as Federal Reserve governor Jerome Powell, in position to be the next Fed chair, was questioned by a Senate committee.

Powell told the committee the US Federal Reserve is likely to raise interest rates again next month.

He said the Fed should “respond decisively” to any new economic crisis, positioning himself as an heir to the policies of current chair Janet Yellen and her predecessor Ben Bernanke.

Following his confirmation hearing, the US dollar index rose against a basket of six currencies, rebounding from a two-month low the previous day, as risk appetite returned and US equities hit new highs.

Meanwhile, the Aussie dollar is also weaker against the yen but stronger against the euro on Wednesday.


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