Investing.com – Australia’s dollar was up against its U.S. counterpart on Tuesday, surging to a fresh 2-year high, as risk appetite increased after official U.S. data showed retail sales rose more-than-expected in August.
AUD/USD hit 0.9439 during European afternoon trade, the pair’s highest since July 31, 2008; the pair subsequently consolidated at 0.9419, gaining 0.63%.
The pair was likely to find support at 0.9287, Monday’s low, and resistance at 0.9528, the high of July 30, 2008.
Earlier in the day, official data showed that retail sales in the U.S. rose more-than-expected in August, increasing by a seasonally adjusted 0.4%, after rising by a revised 0.3% in July.
Analysts had expected retail sales to increase by 0.3% in August.
The report also showed that core retail sales, which exclude automobile sales, rose by a seasonally adjusted 0.6% in August, after rising a revised 0.1% in July.
Analysts had expected core retail sales to increase by 0.3% in August.
Meanwhile, the Aussie was down against the euro, with EUR/AUD gaining 0.12% to hit 1.3781.
Also Tuesday, the National Australia Bank said that its index of Australian business confidence rose to its highest level in 4 months.
AUD/USD hit 0.9439 during European afternoon trade, the pair’s highest since July 31, 2008; the pair subsequently consolidated at 0.9419, gaining 0.63%.
The pair was likely to find support at 0.9287, Monday’s low, and resistance at 0.9528, the high of July 30, 2008.
Earlier in the day, official data showed that retail sales in the U.S. rose more-than-expected in August, increasing by a seasonally adjusted 0.4%, after rising by a revised 0.3% in July.
Analysts had expected retail sales to increase by 0.3% in August.
The report also showed that core retail sales, which exclude automobile sales, rose by a seasonally adjusted 0.6% in August, after rising a revised 0.1% in July.
Analysts had expected core retail sales to increase by 0.3% in August.
Meanwhile, the Aussie was down against the euro, with EUR/AUD gaining 0.12% to hit 1.3781.
Also Tuesday, the National Australia Bank said that its index of Australian business confidence rose to its highest level in 4 months.