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.
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.