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Aussie hovers near two-week low
Australian dollar fell against the US counterpart to near a two-week low, as the US dollar rallied following Jerome Powell's Congress testimony, and after disappointing manufacturing and services data from China.
Aussie's decline came as a reaction to the greenback's surge yesterday against all currencies after Fed Chair Powell pointed in his testimony to strong growth and better inflation outlook.
AUD/USD fell to 0.7793 from the opening of 0.7787, with a session-high at 0.7798, and a low at 0.7780.
Powell indicated that the Fed will carry on its policy tightening path and gradual rate hikes, as labor conditions and wages improve and underpin inflation.
From China, the manufacturing PMI fell to 50.3 in February, while the services PMI slipped to 54.4 from 55.3.
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