Investing.com - The Australian dollar edged higher against its U.S. counterpart on Thursday, despite downbeat Australian data, as a positive manufacturing report out of China lent support to the growth-related currency.
AUD/USD hit 0.9074 during late Asian trade, the session high; the pair subsequently consolidated at 0.8988, adding 0.20%.
The pair was likely to find support at 0.8907, the low of August 6 and resistance at 0.9122, the high of August 20.
The Aussie found support after data showed that the preliminary reading of China’s HSBC manufacturing purchasing managers’ index rose to a four-month high of 50.1 in August, up from 47.7 in July. Economists had forecast a reading of 48.3.
China is Australia's biggest export partner.
Separately, the Conference Board said that its leading index for Australia fell 0.2% June, after a flat reading the previous month.
Elsewhere, the minutes of the Federal Reserve's July meeting showed that officials were "broadly comfortable" with plans to scale back the bank’s USD85 billion-a-month stimulus program.
However, policymakers remain divided over the timing of possible tapering, with almost all committee members agreeing that a change in the purchase program was not yet appropriate.
The Aussie was higher against the euro with EUR/AUD shedding 0.19%, to hit 1.4849.
Later in the day, the U.S. was to publish a report on initial jobless claims.
AUD/USD hit 0.9074 during late Asian trade, the session high; the pair subsequently consolidated at 0.8988, adding 0.20%.
The pair was likely to find support at 0.8907, the low of August 6 and resistance at 0.9122, the high of August 20.
The Aussie found support after data showed that the preliminary reading of China’s HSBC manufacturing purchasing managers’ index rose to a four-month high of 50.1 in August, up from 47.7 in July. Economists had forecast a reading of 48.3.
China is Australia's biggest export partner.
Separately, the Conference Board said that its leading index for Australia fell 0.2% June, after a flat reading the previous month.
Elsewhere, the minutes of the Federal Reserve's July meeting showed that officials were "broadly comfortable" with plans to scale back the bank’s USD85 billion-a-month stimulus program.
However, policymakers remain divided over the timing of possible tapering, with almost all committee members agreeing that a change in the purchase program was not yet appropriate.
The Aussie was higher against the euro with EUR/AUD shedding 0.19%, to hit 1.4849.
Later in the day, the U.S. was to publish a report on initial jobless claims.