Investing.com - The Australian dollar fell to a five-month low against the U.S. dollar on Wednesday, as economic data from Australia sparked expectations for an additional rate cut by the country’s central bank next month, while concerns over Greece’s political turmoil persisted.
AUSD/USD hit 0.9896 during late Asian trade, the pair’s lowest since December 19; the pair subsequently consolidated at 0.9892, shedding 0.44%.
The pair was likely to find support at 0.9860, the low of December 15 and resistance at 0.9947, the day’s high.
The Westpac Banking Corporation said earlier that consumer sentiment in Australia rose 0.8% to 95.3 in May, hovering close to the weakest level this year and following a 1.6% fall the previous month.
A separate report showed that Australian wages rose 0.9% in the first quarter, in line with expectations, after a 1% rise the previous quarter.
Meanwhile, sentiment remained under pressure as Greece's political parties failed on Tuesday to agree on a governing coalition, leaving the country in political limbo until new elections next month.
The delay could deprive Athens of badly needed international aid and deepen Greece's financial troubles.
Elsewhere, the Aussie was lower against the euro with EUR/AUD adding 0.13%, to hit 1.2828.
Later in the day, the U.S. was to produce official data on building permits and housing starts, followed by reports on the capacity utilization rate and industrial production. In addition, the Federal Reserve was to publish the minutes of its most recent policy meeting.
AUSD/USD hit 0.9896 during late Asian trade, the pair’s lowest since December 19; the pair subsequently consolidated at 0.9892, shedding 0.44%.
The pair was likely to find support at 0.9860, the low of December 15 and resistance at 0.9947, the day’s high.
The Westpac Banking Corporation said earlier that consumer sentiment in Australia rose 0.8% to 95.3 in May, hovering close to the weakest level this year and following a 1.6% fall the previous month.
A separate report showed that Australian wages rose 0.9% in the first quarter, in line with expectations, after a 1% rise the previous quarter.
Meanwhile, sentiment remained under pressure as Greece's political parties failed on Tuesday to agree on a governing coalition, leaving the country in political limbo until new elections next month.
The delay could deprive Athens of badly needed international aid and deepen Greece's financial troubles.
Elsewhere, the Aussie was lower against the euro with EUR/AUD adding 0.13%, to hit 1.2828.
Later in the day, the U.S. was to produce official data on building permits and housing starts, followed by reports on the capacity utilization rate and industrial production. In addition, the Federal Reserve was to publish the minutes of its most recent policy meeting.