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Aussie testing 0.70 handle

Friday, Sep 25 2015
There were no data releases from Australia this morning. Aussie managed to rebound after it declined due to Janet Yellen's speech early this morning. Yellen said she anticipates that it will be appropriate to raise short-term interest rates by the end of the year. In prepared remarks for a speech at the University of Massachussetts-Amherst, Yellen emphasized that most of her colleagues will likely support raising the target range for the Federal Funds Rate at some point this year. 
 
Yellen's stance represents a stark contrast from her position last week when the FOMC only disclosed that 13 of 17 of its members were in favor of raising rates this year. Yellen had not personally associated herself with a rate hike since July. Traders are also focused on developments in China, with China being first Australian trading partner. Following the FOMC's July meeting, China rattled global markets by devaluing the yuan in an effort to stimulate its flagging economy. Earlier this week, a preliminary reading of China's factory activity in September slumped to its lowest level in more than six years.
 
Aussie is currently being traded at 0.70 handle. Pair is likely to find support around 0.6930 level and resistance above 0.7050 area. Later today, in the US session, Final GDP and Revised Consumer Sentiment data is scheduled for a release.
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