The Australian dollar was registering near its lowest value in about eight weeks on Wednesday against the world's reserve currency as conjecture mounted about the U.S. Federal Reserve's near-term plan regarding its monetary stimulus measures, according to Bloomberg.
Marking a fourth consecutive day of losses on Tuesday, the Aussie has been pinched by economic data noting the U.S. economy is progressively growing stronger. The Federal Reserve Bank of Chicago released data noting business and economic activity rose 0.14 percent in September.
"The AUD is welded to 93 U.S. cents today, dampened by simmering expectations for U.S. Fed tapering in the next few months," states a Wednesday client authored by head of Asia-Pacific research Annette Beacher with TD Securities in Singapore, according to Bloomberg. "We target 92 U.S. cents by year end."
The Australian dollar held on to losses of 2.4 percent during the past four days, which amounts to its biggest losses since this past August.
Janet Yellen, the White House's nominee to fill the vacancy of Fed chief Ben Bernanke when his term expires early next year, is set to appear before a committee of the U.S. Senate on Thursday, according to The Australian.
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