Investing.com - The Australian dollar edged higher against its U.S. counterpart on Tuesday, although gains were limited as concerns over the U.S. budget impasse and a potential default continued to dominate market sentiment.
AUD/USD hit 0.9448 during late Asian trade, the session high; the pair subsequently consolidated at 0.9445, adding 0.17%.
The pair was likely to find support at 0.9367, the low of October 3 and resistance at 0.9524, the high of September 19.
Investors remained cautious, although new hopes on the U.S. budget front emerged after President Barack Obama said on Monday that he would accept a short-term increase in the nation's borrowing authority to avoid a default.
In addition, a U.S. Senator reportedly mentioned a plan to cut federal spending and reform the U.S. tax code as part of a broader deal.
The news came after Republican House Speaker John Boehner on Sunday said the House will not support bills to fully reopen the government or increase the U.S. debt ceiling unless the Obama administration agrees to talks aimed at reducing the deficit.
Meanwhile, the National Australia Bank said its business confidence index rose to 12 in September, from a downwardly revised reading of 4 the previous month.
A separate report showed that job advertisements in Australia rose 0.2% last month, following a 2% decline in August.
The Aussie was higher against the euro with EUR/AUD shedding 0.29%, to hit 1.4362.
AUD/USD hit 0.9448 during late Asian trade, the session high; the pair subsequently consolidated at 0.9445, adding 0.17%.
The pair was likely to find support at 0.9367, the low of October 3 and resistance at 0.9524, the high of September 19.
Investors remained cautious, although new hopes on the U.S. budget front emerged after President Barack Obama said on Monday that he would accept a short-term increase in the nation's borrowing authority to avoid a default.
In addition, a U.S. Senator reportedly mentioned a plan to cut federal spending and reform the U.S. tax code as part of a broader deal.
The news came after Republican House Speaker John Boehner on Sunday said the House will not support bills to fully reopen the government or increase the U.S. debt ceiling unless the Obama administration agrees to talks aimed at reducing the deficit.
Meanwhile, the National Australia Bank said its business confidence index rose to 12 in September, from a downwardly revised reading of 4 the previous month.
A separate report showed that job advertisements in Australia rose 0.2% last month, following a 2% decline in August.
The Aussie was higher against the euro with EUR/AUD shedding 0.29%, to hit 1.4362.