Investing.com – Australian dollar was up against its U.S. counterpart on Wednesday, rebounding from a 3-week low amid optimism that the global economic recovery would continue despite the euro zone debt crisis and tensions in Korea.
AUD/USD hit 0.9818 during European afternoon trade, the daily high; the pair subsequently consolidated at 0.9778, gaining 0.53%.
The pair was likely to find support at 0.9707, Tuesday’s low and resistance at 0.9888, Tuesday’s high.
Later Tuesday, the Irish government was to unveil a four year austerity plan, part of a precondition for a bailout by the European Union and the International Monetary Fund, as opinion polls indicated that the government could well lose the election which is due to take place in January.
Separately, North Korea’s official KCNA news agency said early Wednesday that South Korea was driving the peninsula to the “brink of war” with "reckless military provocation" and by postponing humanitarian aid.
The Aussie was also up against the euro, with EUR/AUD tumbling 0.75% to hit 1.3647.
Later in the day, the U.S. was to release a slew of data ahead of the Thanksgiving holiday, with a weekly report on initial jobless claims as well as data on personal spending, durable goods orders and new home sales. The country was also to publish revised data on consumer sentiment and inflation expectations.
AUD/USD hit 0.9818 during European afternoon trade, the daily high; the pair subsequently consolidated at 0.9778, gaining 0.53%.
The pair was likely to find support at 0.9707, Tuesday’s low and resistance at 0.9888, Tuesday’s high.
Later Tuesday, the Irish government was to unveil a four year austerity plan, part of a precondition for a bailout by the European Union and the International Monetary Fund, as opinion polls indicated that the government could well lose the election which is due to take place in January.
Separately, North Korea’s official KCNA news agency said early Wednesday that South Korea was driving the peninsula to the “brink of war” with "reckless military provocation" and by postponing humanitarian aid.
The Aussie was also up against the euro, with EUR/AUD tumbling 0.75% to hit 1.3647.
Later in the day, the U.S. was to release a slew of data ahead of the Thanksgiving holiday, with a weekly report on initial jobless claims as well as data on personal spending, durable goods orders and new home sales. The country was also to publish revised data on consumer sentiment and inflation expectations.