Investing.com – The Australian dollar regained ground against its U.S. counterpart on Thursday, rebounding from a four-month low, as the nuclear crisis in Japan continued to dominate markets.
AUD/USD clawed back up from 0.9708, the pair’s lowest since December 2, to hit 0.9847 during late Asian trade, easing up 0.09%.
The pair was likely to find support at 0.9708, the days low and a four-month low and resistance at 0.9962, Wednesday’s high.
Earlier in the day, Japanese authorities said they were stepping up efforts to cool reactors at the stricken Fukushima Daiichi nuclear plant, 155 miles north east of Tokyo. Army helicopters dropped sea water on the plant, in a desperate attempt to keep spent fuel rods from over-heating and causing further radiation leaks.
Australia’s currency was weighed by concerns that the disaster in Japan, its second-largest trading partner, would create a drag on economic growth and prompt an interest-rate cut by the Reserve Bank of Australia.
The Aussie was also lower against the yen, with AUD/JPY shedding 0.61% to hit 77.83.
Later in the day, the U.S. was to publish official data on initial jobless claims, consumer price inflation and industrial production. Meanwhile, the Federal Reserve Bank of Philadelphia was to publish an index of manufacturing activity.
AUD/USD clawed back up from 0.9708, the pair’s lowest since December 2, to hit 0.9847 during late Asian trade, easing up 0.09%.
The pair was likely to find support at 0.9708, the days low and a four-month low and resistance at 0.9962, Wednesday’s high.
Earlier in the day, Japanese authorities said they were stepping up efforts to cool reactors at the stricken Fukushima Daiichi nuclear plant, 155 miles north east of Tokyo. Army helicopters dropped sea water on the plant, in a desperate attempt to keep spent fuel rods from over-heating and causing further radiation leaks.
Australia’s currency was weighed by concerns that the disaster in Japan, its second-largest trading partner, would create a drag on economic growth and prompt an interest-rate cut by the Reserve Bank of Australia.
The Aussie was also lower against the yen, with AUD/JPY shedding 0.61% to hit 77.83.
Later in the day, the U.S. was to publish official data on initial jobless claims, consumer price inflation and industrial production. Meanwhile, the Federal Reserve Bank of Philadelphia was to publish an index of manufacturing activity.