Investing.com - The Australian dollar was higher against its U.S. counterpart on Tuesday, as investors locked in gains following the greenback's recent rally, but the Aussie's gains were expected to remain limited.
AUD/USD hit 1.0004 during late Asian trade, the session high; the pair subsequently consolidated at 0.9977, adding 0.26%.
The pair was likely to find support at 0.9940, Monday's low and an 11-month low and resistance at 1.0093, the high of May 10.
The greenback turned broadly lower as investors locked in profits ahead of a raft of U.S. economic data later in the week, including reports on industrial production, housing starts, inflation and economic sentiment.
Demand for the dollar continued to be underpinned by speculation over a possible near-term exit from the Federal Reserve’s asset purchase program after recent U.S. data indicated that the economic outlook is improving.
The Aussie was lower against the New Zealand dollar with AUD/NZD slipping 0.16%, to hit 1.2043.
Also Tuesday, official data showed that retail sales in New Zealand rose 0.5% in the first quarter, less than the expected 0.8% increase, after a 1.9% gain in the previous quarter.
Core retail sales, which exclude automobiles and gas stations, rose 0.9% in the last quarter, disappointing expectations for a 0.7% rise, after a 1.2% increase in the fourth quarter.
Later in the day, Australia’s government was to unveil the annual budget statement.
AUD/USD hit 1.0004 during late Asian trade, the session high; the pair subsequently consolidated at 0.9977, adding 0.26%.
The pair was likely to find support at 0.9940, Monday's low and an 11-month low and resistance at 1.0093, the high of May 10.
The greenback turned broadly lower as investors locked in profits ahead of a raft of U.S. economic data later in the week, including reports on industrial production, housing starts, inflation and economic sentiment.
Demand for the dollar continued to be underpinned by speculation over a possible near-term exit from the Federal Reserve’s asset purchase program after recent U.S. data indicated that the economic outlook is improving.
The Aussie was lower against the New Zealand dollar with AUD/NZD slipping 0.16%, to hit 1.2043.
Also Tuesday, official data showed that retail sales in New Zealand rose 0.5% in the first quarter, less than the expected 0.8% increase, after a 1.9% gain in the previous quarter.
Core retail sales, which exclude automobiles and gas stations, rose 0.9% in the last quarter, disappointing expectations for a 0.7% rise, after a 1.2% increase in the fourth quarter.
Later in the day, Australia’s government was to unveil the annual budget statement.