Investing.com - The Australian dollar fell to one-and-a-half year lows against its U.S. counterpart on Wednesday, after the release of tepid Australian data, while expectations for the Federal Reserve to scale back its stimulus program continued to support the greenback.
AUD/USD hit 0.9528 during late Asian trade, the pair's lowest since October 5, 2011; the pair subsequently consolidated at 0.9556, declining 0.63%.
The pair was likely to find support at 0.9488, the low of October 5, 2011 and resistance at 0.9696, Tuesday's high.
Industry data showed that new home sales in Australia rose 3.9% in April, after a 4.2% increase the previous month.
A separate report showed that construction work done in Australia declined 2% in the first quarter, disappointing expectations for a 1% rise, after a 0.1% increase in the previous quarter.
Meanwhile, the greenback remained supported after data on Tuesday showed that U.S. consumer confidence rose to the highest level since February 2008 in the current month.
The Conference Board said its index of consumer confidence rose to 76.2 in May from 69.0 in April and beating expectations for a reading of 71.0.
A separate report showed that the Case-Shiller U.S. home price index rose 10.9% in March from a year earlier, the biggest increase since April 2006.
The strong data boosted expectations that the Fed will wind down its USD85 billion-a-month asset purchase program later this year.
The Aussie was also lower against the euro with EUR/AUD gaining 0.65%, to hit 1.3457.
AUD/USD hit 0.9528 during late Asian trade, the pair's lowest since October 5, 2011; the pair subsequently consolidated at 0.9556, declining 0.63%.
The pair was likely to find support at 0.9488, the low of October 5, 2011 and resistance at 0.9696, Tuesday's high.
Industry data showed that new home sales in Australia rose 3.9% in April, after a 4.2% increase the previous month.
A separate report showed that construction work done in Australia declined 2% in the first quarter, disappointing expectations for a 1% rise, after a 0.1% increase in the previous quarter.
Meanwhile, the greenback remained supported after data on Tuesday showed that U.S. consumer confidence rose to the highest level since February 2008 in the current month.
The Conference Board said its index of consumer confidence rose to 76.2 in May from 69.0 in April and beating expectations for a reading of 71.0.
A separate report showed that the Case-Shiller U.S. home price index rose 10.9% in March from a year earlier, the biggest increase since April 2006.
The strong data boosted expectations that the Fed will wind down its USD85 billion-a-month asset purchase program later this year.
The Aussie was also lower against the euro with EUR/AUD gaining 0.65%, to hit 1.3457.