Forex - AUD/USD edges higher on upbeat Australian data

Published 10/31/2012, 03:54 AM
AUD/USD
-
EUR/AUD
-
Investing.com - The Australian dollar edged up to a four-day high against its U.S. counterpart on Wednesday, after positive Australian economic data and as U.S. markets prepared to reopen after Hurricane Sandy.

AUD/USD hit 1.0391 during European morning trade, the pair's highest since October 25; the pair subsequently consolidated at 1.0380, adding 0.14%.

The pair was likely to find support at 1.0330, Tuesday's low and resistance at 1.0412, the high of October 18.

Official data earlier showed that building approvals in Australia rose by 7.8% in September, far more than the expected 1.1% increase and following an 8.8% jump the previous month.

A separate report showed that private sector credit in Australia rose more-than-expected last month, ticking up 0.3% after a 0.2% increase in August.

Analysts had expected private sector credit to rise 0.2% in September.

Meanwhile, investors continued to await any sign that Spain is preparing to request a bailout, which would activate a bond purchasing program by the European Central Bank, aimed at lowering the borrowing costs of distressed euro zone states.

Separately, euro zone finance ministers were to hold a conference call later in the day to discuss Greece’s progress on meeting austerity targets, but no decision on when the country will receive the next tranche of its bailout was expected.

The Aussie was also higher against the euro with EUR/AUD edging down 0.08%, to hit 1.2494.

Later in the day, the U.S. was to produce official data on manufacturing activity in Chicago, as well as a government report on crude oil inventories.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.