The Australian Dollar US Dollar (AUD/USD) exchange rate is pushing firmly higher for a third straight day as investors look ahead to Federal Reserve Jerome Powell’s speech. The pair trades at US$0.7258.
The Federal Reserve Chair is expected to announce a change to policy which could mean that US interest rates will stay at low levels for longer.
US Q2 GDP received an upward revision to -31.7% vs -32.5%. Meanwhile US initial claims remain worryingly high over 1 million.
The slide in Australian business spending was not as bad as initially feared and coronavirus cases in the state of Victoria are improving, keeping the Aussie Dollar buoyant.