Investing.com - The Australian dollar edged higher against its U.S. counterpart on Wednesday, after the release of mixed economic reports from Australia, while concerns over the financial situation in the euro zone continued to weigh.
AUD/USD hit 1.0468 during late Asian trade, the session high; the pair subsequently consolidated at 1.0462, edging up 0.11%.
The pair was likely to find support at 1.0418, the low of March 27 and resistance at 1.0482, the high of March 27.
Official data showed that Australia's trade deficit narrowed more-than-expected in February, hitting AUD0.18 billion from a deficit of AUD1.22 billion the previous month. Analysts had expected the trade deficit to narrow to AUD1 billion in February.
A separate report showed that new home sales in Australia fell 5.3% in February, after a 4.2% increase the previous month.
The Aussie found some support after China's HSBC’s services purchasing managers’ index rose to a six-month high of 54.3 in March, while the official version of the services PMI rose to 55.6 in March from 54.5 in February.
China is Australia's biggest export partner.
But sentiment remained under pressure after data on Tuesday showed that the euro zone’s manufacturing purchasing managers’ index fell to 46.8 in March, from a final reading of 47.9 the previous month, still substantially below the 50 mark that separates growth from contraction.
The Aussie was higher against the euro with EUR/AUD shedding 0.28%, to hit 1.2233.
Later in the day, the U.S. was to release the ADP nonfarm payrolls report, while the Institute of Supply Management was release a report on U.S. service sector activity.
AUD/USD hit 1.0468 during late Asian trade, the session high; the pair subsequently consolidated at 1.0462, edging up 0.11%.
The pair was likely to find support at 1.0418, the low of March 27 and resistance at 1.0482, the high of March 27.
Official data showed that Australia's trade deficit narrowed more-than-expected in February, hitting AUD0.18 billion from a deficit of AUD1.22 billion the previous month. Analysts had expected the trade deficit to narrow to AUD1 billion in February.
A separate report showed that new home sales in Australia fell 5.3% in February, after a 4.2% increase the previous month.
The Aussie found some support after China's HSBC’s services purchasing managers’ index rose to a six-month high of 54.3 in March, while the official version of the services PMI rose to 55.6 in March from 54.5 in February.
China is Australia's biggest export partner.
But sentiment remained under pressure after data on Tuesday showed that the euro zone’s manufacturing purchasing managers’ index fell to 46.8 in March, from a final reading of 47.9 the previous month, still substantially below the 50 mark that separates growth from contraction.
The Aussie was higher against the euro with EUR/AUD shedding 0.28%, to hit 1.2233.
Later in the day, the U.S. was to release the ADP nonfarm payrolls report, while the Institute of Supply Management was release a report on U.S. service sector activity.