Investing.com - The Australian dollar edged lower against its U.S. counterpart on Thursday, after the release of downbeat building approvals data from Australia, although the Federal Reserve's recent statement limited the greenback's gains.
AUD/USD hit 0.9307 during early European trade, the session low; the pair subsequently consolidated at 0.9318, slipping 0.13%.
The pair was likely to find support at 0.9258, the low of June 5 and resistance at 0.9388, Wednesday's high.
Official data showed that building approvals in Australia dropped 5.0% last month, compared to expectations for a 2.0% decline. Building approvals for May were revised to an increase of 10.3% from a previously estimated 9.9% rise.
A separate report showed that Australia's import prices fell 3.0% in the second quarter, after a 3.2% rise in the three months to April. Analysts had expected import prices to drop 1.3% in the last quarter.
On Wednesday, the Fed’s latest rate statement said that considerable slack still remains in the labor market, despite the recent improvement in jobs growth, and that rates will remain on hold for longer.
The central bank also said inflation is rising and was moving closer to its long-term target.
The dollar had strengthened broadly after official data showed that U.S. gross domestic product expanded at an annual rate of 4.0% in the three months to June, outstripping forecasts of 3.0%.
The Aussie was lower against the euro, with EUR/AUD adding 0.08% to 1.4369.
Later in the day, the U.S. was to release the weekly report on initial jobless claims, as well as data on manufacturing activity in the Chicago area.