Australian dollar rose on Monday after last week’s drop against the US dollar, which lost ground today and gave a breather to other rivals.
The greenback slipped away from one-week highs against a basket of major rivals, as US treasury bond yields declined, hurting the US dollar.
AUD/USD rose to 0.7865 from the opening of 0.7837, with a session-high at 0.7868, and a low at 0.7828.
The last Federal Reserve’s meeting minutes asserted the policy of gradual tightening of monetary policy this year as growth outlook, inflation improves, underpinning the greenback last week before declining today on profit-taking,
Now markets await new Federal Reserve Chair Jerome Powell’s first Congress testimony to gather clues about his leanings on monetary policy.