The Australian and NZ dollars climbed against their major opponents in the Asian session on Wednesday, as investors digested Fed Chair Jerome Powell's remarks signaling an acceleration in the pace of tapering of bond purchases to counter inflationary pressures.

In his testimony before the Senate Banking Committee on Tuesday, Powell said that the description of the term 'transitory' for inflation is no longer appropriate and signaled a discussion on faster tapering of bond purchases when it meets this month.

Optimistic comments from China's Vice Premier Liu He also underpinned sentiment.

Liu He said that China's annual economic growth is estimated to exceed the expected target and pledged to create a better environment for small and medium-sized enterprises and foreign-funded enterprises.

Data from the Australian Bureau of Statistics showed that Australia's gross domestic product expanded 3.9 percent on year in the third quarter of 2021 - beating forecasts for an increase of 3.0 percent following the 9.6 percent jump in the previous three months.

On a seasonally adjusted quarterly basis, GDP was down 1.9 percent - but that also beat forecasts for a drop of 2.7 percent after rising 0.7 percent in the three months prior.

The aussie climbed to 5-day highs of 0.7173 against the greenback and 81.44 against the yen, off its early lows of 0.7119 and 80.55, respectively. The aussie is seen finding resistance around 0.73 against the greenback and 83.00 against the yen.

After falling to 1.5917 against the euro, 0.9095 against the loonie and 1.0437 against the kiwi in early trades, the aussie edged up to 1.5800, 0.9132 and 1.0457, respectively. If the aussie rises further, 1.54, 0.94 and 1.06 are likely seen as its next resistance levels against the euro, the loonie and the kiwi, respectively.

The kiwi touched a 6-day high of 0.6863 against the greenback, 5-day high of 77.92 against the yen and a 2-day high of 1.6512 against the euro, following its prior lows of 0.6813, 77.06 and 1.6630, respectively. The kiwi is poised to find resistance around 0.70 against the greenback, 80.00 against the yen and 1.62 against the euro.

Looking ahead, PMI reports from major European economies are due in the European session.

U.S. ADP private payrolls data for November is scheduled for release at 8:15 am ET.

Canada building permits for October, U.S. ISM manufacturing PMI for November and construction spending for October are set for release in the New York session.

Federal Reserve Chair Jerome Powell will testify on the CARES Act, along with Treasury Secretary Janet Yellen before the House Financial Services Committee in Washington DC at 10:00 am ET.

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