Investing.com - The Australian dollar edged higher against its U.S. counterpart on Wednesday, but remained vulnerable after lower-than-expected Australian growth data while markets continued to focus on the deadline for a Greek debt swap deal.
AUD/USD hit 1.0573 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0567, adding 0.12%.
The pair was likely to find support at 1.0458, the low of January 23 and resistance at 1.0618, the high of January 25.
The Aussie tumbled to a six-week low against the greenback earlier after official data showed that Australia’s economy expanded by a seasonally adjusted 0.4% in the fourth quarter, disappointing expectations for a 0.7% increase.
The preceding quarter’s figure was revised down to growth of 0.8% from a previously reported expansion of 1.0%.
Meanwhile, concerns over a potential Greek default persisted ahead of the March 8 deadline for the country’s private creditors to sign on to a EUR106 billion debt swap deal, a requirement for Athens to tap a recently approved EUR130 billion bailout fund.
Elsewhere, the Australian dollar was lower against the euro with EUR/AUD edging up 0.08%, to hit 1.2434.
Later in the day, the U.S. was to publish a report on ADP non-farm payrolls, followed by revised data on non-farm productivity and labor costs, as well as a report on crude oil stockpiles.
AUD/USD hit 1.0573 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0567, adding 0.12%.
The pair was likely to find support at 1.0458, the low of January 23 and resistance at 1.0618, the high of January 25.
The Aussie tumbled to a six-week low against the greenback earlier after official data showed that Australia’s economy expanded by a seasonally adjusted 0.4% in the fourth quarter, disappointing expectations for a 0.7% increase.
The preceding quarter’s figure was revised down to growth of 0.8% from a previously reported expansion of 1.0%.
Meanwhile, concerns over a potential Greek default persisted ahead of the March 8 deadline for the country’s private creditors to sign on to a EUR106 billion debt swap deal, a requirement for Athens to tap a recently approved EUR130 billion bailout fund.
Elsewhere, the Australian dollar was lower against the euro with EUR/AUD edging up 0.08%, to hit 1.2434.
Later in the day, the U.S. was to publish a report on ADP non-farm payrolls, followed by revised data on non-farm productivity and labor costs, as well as a report on crude oil stockpiles.