Investing.com - The Australian dollar dropped to five-week lows against its U.S. counterpart on Tuesday, after the release of disappointing business confidence data from Australia, while expectations for the Federal Reserve to soon taper its stimulus program supported the greenback.
AUD/USD hit 0.9326 during late Asian trade, the pair's lowest since October 1; the pair subsequently consolidated at 0.9332, shedding 0.29%.
The pair was likely to find support at 0.9246, the low of September 15 and resistance at 0.9390, Monday's high.
In a report, the National Australia Bank sais its business index fell to 5 in October, from a reading of 12 the previous month.
Meanwhile, the greenback remained supported after official data last week showed that the U.S. economy added 204,000 jobs in October, far more than the 125,000 forecast by economists.
The upbeat data spurred heightened speculation that the Fed may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December.
The Aussie was also lower against the euro with EUR/AUD adding 0.20%, to hit 1.4350.
AUD/USD hit 0.9326 during late Asian trade, the pair's lowest since October 1; the pair subsequently consolidated at 0.9332, shedding 0.29%.
The pair was likely to find support at 0.9246, the low of September 15 and resistance at 0.9390, Monday's high.
In a report, the National Australia Bank sais its business index fell to 5 in October, from a reading of 12 the previous month.
Meanwhile, the greenback remained supported after official data last week showed that the U.S. economy added 204,000 jobs in October, far more than the 125,000 forecast by economists.
The upbeat data spurred heightened speculation that the Fed may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December.
The Aussie was also lower against the euro with EUR/AUD adding 0.20%, to hit 1.4350.