Investing.com – Australia’s dollar was down against its U.S. counterpart on Wednesday, retreating from a 2-year high, after Japan’s intervention in the currency market boosted the U.S. dollar.
AUD/USD hit 0.9343 during European morning trade, a daily low; the pair subsequently consolidated at 0.9346, shedding 0.54%.
The pair was likely to find support at 0.9204, the low of September 10, and resistance at 0.9456, Tuesday’s high.
Earlier in the day, the Westpac Banking Group said its index of Australian consumer sentiment declined by 5.0% in September, after rising by 5.4% in August.
The index of economic conditions for the next 12 months also fell, dropping by 7.2%, while the outlook for expected conditions over the next 5 years declined by 6.1%.
Commenting on the report, Westpac chief economist Bill Evans said, “It is probable that the sharp 5.4% jump last month was reflecting a strong relief rally when the Reserve Bank did not raise interest rates. As such, the September level of the Index is probably a more reasonable indication of the level of consumer confidence.”
The Aussie was also down against the euro, with EUR/AUD gaining 0.35% to hit 1.3884.
Later in the day, the U.S. was to release key data on industrial production and manufacturing activity in New York State.
AUD/USD hit 0.9343 during European morning trade, a daily low; the pair subsequently consolidated at 0.9346, shedding 0.54%.
The pair was likely to find support at 0.9204, the low of September 10, and resistance at 0.9456, Tuesday’s high.
Earlier in the day, the Westpac Banking Group said its index of Australian consumer sentiment declined by 5.0% in September, after rising by 5.4% in August.
The index of economic conditions for the next 12 months also fell, dropping by 7.2%, while the outlook for expected conditions over the next 5 years declined by 6.1%.
Commenting on the report, Westpac chief economist Bill Evans said, “It is probable that the sharp 5.4% jump last month was reflecting a strong relief rally when the Reserve Bank did not raise interest rates. As such, the September level of the Index is probably a more reasonable indication of the level of consumer confidence.”
The Aussie was also down against the euro, with EUR/AUD gaining 0.35% to hit 1.3884.
Later in the day, the U.S. was to release key data on industrial production and manufacturing activity in New York State.