On Wednesday the Australian dollar remained almost without change versus its US counterpart on optimistic data from Australia. However, market sentiment was dominated by wariness ahead of Federal Reserves monthly meeting.
During the later phase of Asian trade AUD/USD pair reached a session high at 0.9506, after which consolidation followed at 0.9492. Support was likely to be received at June 12th low, 0.9416, while resistance was to be met at Tuesdays high, 0.9574.
Earlier today it was announced that Conference Board Leading Index managed to rise by 0.3% in April, marking the fourth month in a row of increase. During the preceding period the index ticked up 0.1%. The largest positive change was registered in the value of the indexes, gauging money supply and stock prices. Economic sentiment indicator recorded a 0.7% increase during the last six months, while annually it rose by 1.5%. During the previous six-month period this index dropped by 0.8%.
Additionally, the Melbourne Institute (MI) Leading Index advanced by 0.6% in April, as it recorded a 0.1% rise during the preceding period, according to revised data.
FED Ben Bernanke said on May 22nd that the central bank could reduce its monthly purchases of a combined 85 billion USD of Treasuries and mortgage-backed securities if US employment outlook showed sustainable improvement. The Federal Reserve Bank will cut purchases to 65 billion USD at its October 29-30th meeting, according to a Bloomberg News survey of economists, conducted this month.
The Aussie has erased 10% in the past three months, the worst performer among 10 developed-market currencies, tracked by Bloomberg Correlation-Weighted Indexes. New Zealand dollar was the next biggest decliner, with a 3.9% drop.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
