Investing.com – The Australian dollar edged higher against its U.S. counterpart on Tuesday, but gains were limited after the minutes from the central bank’s July policy setting meeting showed the bank is unlikely to tighten policy for some time.
AUD/USD hit 1.0652 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0638, rising 0.30%.
The pair was likely to find support at 1.0559, Monday’s low and a four-day low and resistance at 1.0745, last Friday’s high.
The minutes of the Reserve Bank’s July 5 meeting showed that policymakers believed there was “more time” to assess price pressures.
“The flow of recent information suggested both that there was more time to assess the likely strength of inflationary pressures in Australia and that it would be prudent to use that time,” the bank said.
The RBA left its benchmark interest rate unchanged at 4.75% at the July meeting.
The Aussie was also higher against the yen, with AUD/JPY rising 0.26% to hit 84.06.
Later Tuesday, the U.S. was to publish government data on building permits and housing starts.
AUD/USD hit 1.0652 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0638, rising 0.30%.
The pair was likely to find support at 1.0559, Monday’s low and a four-day low and resistance at 1.0745, last Friday’s high.
The minutes of the Reserve Bank’s July 5 meeting showed that policymakers believed there was “more time” to assess price pressures.
“The flow of recent information suggested both that there was more time to assess the likely strength of inflationary pressures in Australia and that it would be prudent to use that time,” the bank said.
The RBA left its benchmark interest rate unchanged at 4.75% at the July meeting.
The Aussie was also higher against the yen, with AUD/JPY rising 0.26% to hit 84.06.
Later Tuesday, the U.S. was to publish government data on building permits and housing starts.