Published by Mark Smith-HalvorsenThe Australian dollar rallied in trading overnight and this morning (July 21st), supported by growing demand for commodity-linked currencies.A stronger performance from US equities markets also helped to encourage a more lenient approach to forex risk management, while developments in Asia this morning also helped to lift the Aussie.Forex Hound reports that Asian Development Bank's decision to increase its growth forecast for China has increased appetite for the Australian dollar, as the country is likely to benefit from stronger demand for its natural resources.Rallying stocks in the US helped to improve demand for high-yield currencies, while safe-haven currencies such as the yen and the dollar were under pressure.Forex brokers are watching the dollar particularly closely ahead of the latest testimony from Federal Reserve chairman Ben Bernanke, who will report to the Senate Banking Committee later today.In its last policy statement, the Federal Reserve urged the US to prepare further stimulus if economic conditions worsen considerably.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site