Investing.com - The Australian dollar was steady against its U.S. counterpart on Tuesday, as investors hoped for progress in ongoing U.S. budget negociations.
AUD/USD hit 1.0532 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0532, dipping 0.07%.
The pair was likely to find support at 1.0509, the low of December 13 and resistance at 1.0577, the high of December 14.
Investor confidence slightly strengthened amid hopes U.S. lawmakers will reach an agreement in time to avoid automatic tax hikes and spending cuts due to take effect on January 1 which investors’ fears could derail the U.S. recovery and threaten global growth.
On Monday President Barack Obama made a counter-offer to Republicans that included a major change in position on tax hikes for the wealthy.
Meanwhile, the minutes of the Reserve Bank of Australia's latest policy meeting showed that a softer job market gave the board more room to provide additional support to demand.
On December 4, the RBA cut interest rates to 3%, the half-century low set during the 2009 global recession.
The minutes came after the Conference Board said in a report that its leading index for Australia rose by 0.2% in October, after a 0.4% decline the previous month.
The Aussie was lower against the euro with EUR/AUD adding 0.17%, to hit 1.2498.
Later in the day, the U.S. was to produce government data on the current account.
AUD/USD hit 1.0532 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0532, dipping 0.07%.
The pair was likely to find support at 1.0509, the low of December 13 and resistance at 1.0577, the high of December 14.
Investor confidence slightly strengthened amid hopes U.S. lawmakers will reach an agreement in time to avoid automatic tax hikes and spending cuts due to take effect on January 1 which investors’ fears could derail the U.S. recovery and threaten global growth.
On Monday President Barack Obama made a counter-offer to Republicans that included a major change in position on tax hikes for the wealthy.
Meanwhile, the minutes of the Reserve Bank of Australia's latest policy meeting showed that a softer job market gave the board more room to provide additional support to demand.
On December 4, the RBA cut interest rates to 3%, the half-century low set during the 2009 global recession.
The minutes came after the Conference Board said in a report that its leading index for Australia rose by 0.2% in October, after a 0.4% decline the previous month.
The Aussie was lower against the euro with EUR/AUD adding 0.17%, to hit 1.2498.
Later in the day, the U.S. was to produce government data on the current account.