Investing.com - The Australian dollar was higher against its U.S. counterpart on Monday, supported by positive manufacturing data out of China, although fresh hopes for the Federal Reserve to soon taper its stimulus program lent some support to the greenback.
AUD/USD hit 0.9437 during late Asian trade, the session high; the pair subsequently consolidated at 0.9422, gaining 0.27%.
The pair was likely to find support at 0.9286, the low of September 17 and resistance at 0.9574, d the high of June 18.
Data showed that the preliminary reading of China’s HSBC manufacturing purchasing managers’ index rose to a six-month high of 51.2 in September, up from 50.1 in August. Economists had forecast a reading of 50.9.
China is Australia's biggest export partner.
Meanwhile, the greenback found some support after St. Louis Federal Reserve President James Bullard said Friday the decision not to taper in September was “close” and indicated that there could be a small reduction in bond purchases in October.
The Aussie was also higher against the euro with EUR/AUD slipping 0.17%, to hit 1.4365.
In the euro zone, Chancellor Angela Merkel's conservative party won Germany’s elections on Sunday, securing her a historic third term in office. Political party leaders were due to meet later Monday to discuss coalition talks.
AUD/USD hit 0.9437 during late Asian trade, the session high; the pair subsequently consolidated at 0.9422, gaining 0.27%.
The pair was likely to find support at 0.9286, the low of September 17 and resistance at 0.9574, d the high of June 18.
Data showed that the preliminary reading of China’s HSBC manufacturing purchasing managers’ index rose to a six-month high of 51.2 in September, up from 50.1 in August. Economists had forecast a reading of 50.9.
China is Australia's biggest export partner.
Meanwhile, the greenback found some support after St. Louis Federal Reserve President James Bullard said Friday the decision not to taper in September was “close” and indicated that there could be a small reduction in bond purchases in October.
The Aussie was also higher against the euro with EUR/AUD slipping 0.17%, to hit 1.4365.
In the euro zone, Chancellor Angela Merkel's conservative party won Germany’s elections on Sunday, securing her a historic third term in office. Political party leaders were due to meet later Monday to discuss coalition talks.