Investing.com - The Australian dollar edged higher against its U.S. counterpart on Friday, supported by upbeat Chinese trade balance data, although gains were limited by comments by the Reserve Bank of Australia.
AUD/USD hit 0.9480 during late Asian trade, the session high; the pair subsequently consolidated at 0.9470, adding 0.17%.
The pair was likely to find support at 0.9367, the low of October 3 and resistance at 0.9542, the high of November 6.
Data earlier showed that China's exports rose 5.6% in October from a year earlier while imports increased 7.6%, resulting in a USD31.1 billion trade surplus.
China is Australia's biggest trading partner.
But the Aussie remained under pressure after the minutes of the Reserve Bank of Australia's October policy meeting showed that the bank forecast below-trend growth and rising unemployment in 2014, signalling the possibility for further rate cuts in the future.
Meanwhile, investors awaited the release of highly-anticipated U.S. employment data later in the trading session, after a strong report on U.S. economic growth on Thursday fuelled speculation the Federal Reserve could begin tapering its asset purchase program sooner-than-expected.
The Bureau of Economic Analysis said U.S. gross domestic product grew at a seasonally adjusted annual rate of 2.8% in the three months to September, beating expectations for growth of 2%. The U.S. economy grew by 2.5% in the previous quarter.
The Aussie was higher against the euro with EUR/AUD shedding 0.22%, to hit 1.4163.
Also Friday, official data showed that Germany's trade surplus widened to EUR18.8 billion in September, from EUR15.8 billion the previous month, which was revised up from EUR15.6 billion. Analysts had expected the trade surplus to narrow to EUR15.5 billion in September.
The euro remained under pressure after European Central Bank President Mario Draghi confirmed on Thursday that the bank cut its benchmark interest rate to a record low 0.25% from 0.5% and said that euro zone borrowing costs will remain at their present or lower levels until conditions improve.
Later in the day, the University of Michigan was to release the preliminary reading of its consumer sentiment index. The U.S. was also to report government data on nonfarm payrolls and the unemployment rate.
AUD/USD hit 0.9480 during late Asian trade, the session high; the pair subsequently consolidated at 0.9470, adding 0.17%.
The pair was likely to find support at 0.9367, the low of October 3 and resistance at 0.9542, the high of November 6.
Data earlier showed that China's exports rose 5.6% in October from a year earlier while imports increased 7.6%, resulting in a USD31.1 billion trade surplus.
China is Australia's biggest trading partner.
But the Aussie remained under pressure after the minutes of the Reserve Bank of Australia's October policy meeting showed that the bank forecast below-trend growth and rising unemployment in 2014, signalling the possibility for further rate cuts in the future.
Meanwhile, investors awaited the release of highly-anticipated U.S. employment data later in the trading session, after a strong report on U.S. economic growth on Thursday fuelled speculation the Federal Reserve could begin tapering its asset purchase program sooner-than-expected.
The Bureau of Economic Analysis said U.S. gross domestic product grew at a seasonally adjusted annual rate of 2.8% in the three months to September, beating expectations for growth of 2%. The U.S. economy grew by 2.5% in the previous quarter.
The Aussie was higher against the euro with EUR/AUD shedding 0.22%, to hit 1.4163.
Also Friday, official data showed that Germany's trade surplus widened to EUR18.8 billion in September, from EUR15.8 billion the previous month, which was revised up from EUR15.6 billion. Analysts had expected the trade surplus to narrow to EUR15.5 billion in September.
The euro remained under pressure after European Central Bank President Mario Draghi confirmed on Thursday that the bank cut its benchmark interest rate to a record low 0.25% from 0.5% and said that euro zone borrowing costs will remain at their present or lower levels until conditions improve.
Later in the day, the University of Michigan was to release the preliminary reading of its consumer sentiment index. The U.S. was also to report government data on nonfarm payrolls and the unemployment rate.