Investing.com - The Australian dollar edged higher against its U.S. counterpart on Thursday, after the release of upbeat employment data from Australia as concerns over U.S. fiscal policy weighed.
AUD/USD hit 1.0432 during European morning trade, the daily high; the pair subsequently consolidated at 1.0419, edging up 0.08%.
The pair was likely to find support at 1.0366, the low of November 6 and resistance at 1.0480, Wednesday's high and a more than one-month high.
Official data earlier showed that the Australian economy added 10,700 jobs in October, far more than the expected 200 increase and following a 15,600 rise the previous month.
Australia's unemployment rate remained unchanged at 5.4% in October, beating expectations for a rise to 5.5%.
Meanwhile, investors began to focus on how lawmakers will deal with the looming U.S. “fiscal cliff”, approximately USD600 billion in tax hikes and spending cuts due to come into effect on January 1.
Ratings agency Fitch warned late Wednesday that the U.S.’s triple-A rating would be at risk if Congress and the president did not immediately take action to avoid the crisis.
Fresh concerns over the euro zone’s economic health also emerged Wednesday, after the European Commission cut its growth forecast for the euro zone, forecasting the 17-nation euro economy will grow by a meager 0.1% in 2013, down from a May estimate of 1%. It cut the forecast for Germany to 0.8% from 1.7%.
Elsewhere, the Aussie was higher against the euro with EUR/AUD falling 0.12%, to hit 1.2257.
Later in the day, the U.S. was to publish official data on the trade balance as well as the weekly government report on initial jobless claims.
AUD/USD hit 1.0432 during European morning trade, the daily high; the pair subsequently consolidated at 1.0419, edging up 0.08%.
The pair was likely to find support at 1.0366, the low of November 6 and resistance at 1.0480, Wednesday's high and a more than one-month high.
Official data earlier showed that the Australian economy added 10,700 jobs in October, far more than the expected 200 increase and following a 15,600 rise the previous month.
Australia's unemployment rate remained unchanged at 5.4% in October, beating expectations for a rise to 5.5%.
Meanwhile, investors began to focus on how lawmakers will deal with the looming U.S. “fiscal cliff”, approximately USD600 billion in tax hikes and spending cuts due to come into effect on January 1.
Ratings agency Fitch warned late Wednesday that the U.S.’s triple-A rating would be at risk if Congress and the president did not immediately take action to avoid the crisis.
Fresh concerns over the euro zone’s economic health also emerged Wednesday, after the European Commission cut its growth forecast for the euro zone, forecasting the 17-nation euro economy will grow by a meager 0.1% in 2013, down from a May estimate of 1%. It cut the forecast for Germany to 0.8% from 1.7%.
Elsewhere, the Aussie was higher against the euro with EUR/AUD falling 0.12%, to hit 1.2257.
Later in the day, the U.S. was to publish official data on the trade balance as well as the weekly government report on initial jobless claims.