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Overnight, the AUD experienced a choppy session, as early risk appetite was eroded after Ben Bernanke appeared to backpedal from suggestions the previous day that the Federal Reserve was prepared to act with further accommodative stimulus.
The reality is it would probably step in with further accommodative policies if there was a dramatic deterioration of the global economic landscape, but in the near to medium term, the Federal Reserve sees this as unlikely. Having ended Australian trade around the 1.0720 mark, the AUD edged up to a high of 1.0785 before drifting to close at 1.0724, as US equities finished near their session lows. Upon reopening for Asian trade the AUD edged up into the 1.0730 range where it has remained for most of the day.
