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Aussie rebounding after being Tuesday's underperformer

Wednesday, Dec 16 2015
Westpac senior currency strategist Sean Callow said the Aussie dollar’s losses came despite upbeat comments from Reserve Bank governor Glenn Stevens in a Fairfax interview, that was released late Tuesday. Buyers have come into the market ending the US dollar’s losing streak, helped by gains in Wall Street stocks as oil prices rose lifted energy shares. Westpac strategist Imre Speizer said the gains for the greenback were mainly due to traders going bargain hunting. “The Australian dollar was the day’s underperformer,” he said.
 
“That was despite Reserve Bank governor Glenn Stevens, in an Australian Financial Review interview, sounding upbeat on the economy and downplaying the need for more easing.” Many market participants have already increased their bets that the Fed would start raising rates. But concerns about a possible slow pace of rate increase next year -- which the Fed policy makers may signal on Wednesday -- are keeping a lid on the dollar's upside momentum.
 
Aussie is currently being traded around 0.72 area. Pair is likely to find support around 0.7150 handle and resistance above 0.7280 level. Later today, in the US session, Building Permits and Housing Starts figures are scheduled for a release, while the focus of the session will be on FOMC rate decision and the following statement.
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