Investing.com - The Australian dollar dropped to two-and-a-half week lows against its U.S. counterpart on Wednesday, weighed by the release of downbeat consumer sentiment data from Australia, while investors also remained cautious ahead of the Federal Reserve's meeting minutes.
AUD/USD hit 0.9216 during late Asian trade, the pair's lowest since May 2; the pair subseqeuently consolidated at 0.9235, slipping 0.08%.
The pair was likely to find support at 0.9154, the low of March 26 and resistance at 0.9290, the high of May 5.
The Westpac Banking Corporation said consumer sentiment in Australia fell 6.8% this month, after a 0.3% rise in April.
A separate report showed that wage prices in Australia rose 0.7% in the last quarter, in line with expectations. In the three months to December, wage prices also rose 0.7%.
Meanwhile, sentiment on the greenback remained vulnerable as investors eyed the minutes from the Fed’s latest monetary policy meeting due later Wednesday for further indications on the central bank's view of the economy.
Recent U.S. economic reports indicating that the recovery remains uneven have weighed on U.S. Treasury yields, pressuring the dollar lower.
The Aussie was lower against the euro, with EUR/AUD adding 0.18% to 1.4853.