Investing.com - The Australian dollar dropped to fresh four-year lows against its U.S. counterpart on Wednesday, weighed by the release of downbeat third quarter economic growth data from Australia.
AUD/USD hit 0.8389 during late Asian trade, the pair's lowest since July 2010; the pair subsequently consolidated at 0.8399, declining 0.60%.
The pair was likely to find support at 0.8314 and resistance at 0.8547, Tuesday's high.
In a report, the Australian Bureau of Statistics said that the country's gross domestic product rose 0.3% in the third quarter, less than the expected 0.7% increase, down from a growth rate of 0.5% in the three months to June.
Year-on-year, Australia's economy grew by 2.7% in the last quarter, compared to expectations for an expansion of 3.1%.
Meanwhile, the greenback remained broadly supported as recent U.S. economic reports continued to fuel optimism over the strength of the country's recovery, adding to expectations for a rate hike by the Federal Reserve.
The Aussie was lower against the euro, with EUR/AUD advancing 0.47% to 1.4725.
Later in the day, the U.S. was to release the ADP report on private sector job creation, while the ISM was to publish a report on U.S. service sector activity.