Investing.com - The Australian dollar plummeted over 1% against its U.S. counterpart on Tuesday, weighed by the release of downbeat Australian building approvals data and comments by Reserve Bank of Australia Governor Glenn Stevens.
AUD/USD hit 0.9061 during late Asian trade, the pair's lowest since July 15; the pair subsequently consolidated at 0.9064, tumbling 1.53%.
The pair was likely to find support at 0.8999, the low of July 12 and a three-year low and resistance at 0.9287, Monday's high.
Official data showed that building approvals in Australia dropped 6.9% in June, confounding expectations for a 2.3% rise, after a 4.3% decline the previous month.
The Aussie also came under pressure after RBA Governor Stevens said second-quarter inflation data suggests that there is still room to lower interest rates if necessary and that he wouldn't be surprised if the currency dropped further.
Meanwhile, the greenback remained supported after the release of positive U.S. data on Monday added to expectations for a near-term end to the Federal Reserve's bond-buying program.
Industry data showed that U.S. pending home sales fell 0.4% in June, less than the expected 1% decline, after a 5.8% rise the previous month.
The Aussie was also sharply lower against the euro with EUR/AUD rallying 1.43%, to hit 1.4613.
Also Tuesday, data showed that the Gfk German consumer climate index rose more-than-expected in July, ticking up to 7.0 from a reading of 6.8 the previous month.
Analysts had expected the index to rise to 6.9 this month.
Later in the day, the U.S. was to release data on the Standard & Poor's/Case-Shiller Composite-20 house price index, followed by the Conference Board's report on consumer confidence.
AUD/USD hit 0.9061 during late Asian trade, the pair's lowest since July 15; the pair subsequently consolidated at 0.9064, tumbling 1.53%.
The pair was likely to find support at 0.8999, the low of July 12 and a three-year low and resistance at 0.9287, Monday's high.
Official data showed that building approvals in Australia dropped 6.9% in June, confounding expectations for a 2.3% rise, after a 4.3% decline the previous month.
The Aussie also came under pressure after RBA Governor Stevens said second-quarter inflation data suggests that there is still room to lower interest rates if necessary and that he wouldn't be surprised if the currency dropped further.
Meanwhile, the greenback remained supported after the release of positive U.S. data on Monday added to expectations for a near-term end to the Federal Reserve's bond-buying program.
Industry data showed that U.S. pending home sales fell 0.4% in June, less than the expected 1% decline, after a 5.8% rise the previous month.
The Aussie was also sharply lower against the euro with EUR/AUD rallying 1.43%, to hit 1.4613.
Also Tuesday, data showed that the Gfk German consumer climate index rose more-than-expected in July, ticking up to 7.0 from a reading of 6.8 the previous month.
Analysts had expected the index to rise to 6.9 this month.
Later in the day, the U.S. was to release data on the Standard & Poor's/Case-Shiller Composite-20 house price index, followed by the Conference Board's report on consumer confidence.