Investing.com - The Australian dollar jumped up and down against the greenback in choppy trading on Tuesday ahead of a Reserve Bank of Australia, decision on interest rates with many anticipating the monetary authority to cut benchmark interest rates in wake of soft retail sales data and weak earnings.
In Asian trading on Tuesday, AUD/USD hit 1.0423, up 0.02%, up from a session low of 1.0418 and off from a high of 1.0434.
The pair was likely to test support at 1.0393, Monday's low, and resistance at 1.0490, the high from Nov. 27.
The Reserve Bank of Australia is due to announce its latest decision with interest rates later Tuesday and investors remained on tenterhooks ahead of time.
Corporate earnings have disappointed recently, fueling talk the Reserve Bank of Australia will cut benchmark interest rates to 3.00% from their current levels of 3.25%.
Gross operating profits at Australian companies dropped more than expected in the third quarter, official data showed on Monday.
In a report, Australian Bureau of Statistics said that Australian company gross operating profits fell 2.9% in the third quarter after contracting 0.3% in the preceding quarter whose figure was revised up from a contraction of 0.7%.
Analysts had expected Australian CGOP to contract by 2.5% in the last quarter.
Australian retail sales disappointed as well.
In a report, Australian Bureau of Statistics said that Australian retail sales remained unchanged in October after gaining 0.5% in September.
Analysts had expected Australian retail sales to rise 0.4% in October.
While market talk favored monetary intervention, uncertainty kept the aussie jumping against its U.S. counterpart.
The Australian dollar, meanwhile was up against the euro and down against the yen, with EUR/AUD down 0.06% at 1.2519 and AUD/JPY down 0.13% at 85.60.
The Reserve Bank of Australia's move on interest rates will serve as the pair's chief steering current later.
In Asian trading on Tuesday, AUD/USD hit 1.0423, up 0.02%, up from a session low of 1.0418 and off from a high of 1.0434.
The pair was likely to test support at 1.0393, Monday's low, and resistance at 1.0490, the high from Nov. 27.
The Reserve Bank of Australia is due to announce its latest decision with interest rates later Tuesday and investors remained on tenterhooks ahead of time.
Corporate earnings have disappointed recently, fueling talk the Reserve Bank of Australia will cut benchmark interest rates to 3.00% from their current levels of 3.25%.
Gross operating profits at Australian companies dropped more than expected in the third quarter, official data showed on Monday.
In a report, Australian Bureau of Statistics said that Australian company gross operating profits fell 2.9% in the third quarter after contracting 0.3% in the preceding quarter whose figure was revised up from a contraction of 0.7%.
Analysts had expected Australian CGOP to contract by 2.5% in the last quarter.
Australian retail sales disappointed as well.
In a report, Australian Bureau of Statistics said that Australian retail sales remained unchanged in October after gaining 0.5% in September.
Analysts had expected Australian retail sales to rise 0.4% in October.
While market talk favored monetary intervention, uncertainty kept the aussie jumping against its U.S. counterpart.
The Australian dollar, meanwhile was up against the euro and down against the yen, with EUR/AUD down 0.06% at 1.2519 and AUD/JPY down 0.13% at 85.60.
The Reserve Bank of Australia's move on interest rates will serve as the pair's chief steering current later.