Investing.com – Australia's dollar surged to a fresh 26-month high against its U.S. counterpart on Wednesday, after data showed that U.S. consumer confidence dropped significantly more-than-expected in September.
AUD/USD hit 0.9730 during European morning trade, the pair's highest since July 22, 2008; the pair subsequently consolidated at 0.9700, gaining 0.26%.
The pair was likely to find support at 0.9462, last Friday's low and resistance at 0.9849, the high of July 15, 2008.
Earlier in the day, the Conference Board, a private research group, said its index of leading economic indicators for Australia rose 0.8% in August after rising by an upwardly revised 0.6% in July.
The report said increased share prices and dwelling approvals indicated that the country's economic growth looks set to continue in the coming quarters.
The Aussie was also up against the euro, with EUR/AUD shedding 0.24% to hit 1.4006.
On Tuesday, data showed that U.S. consumer confidence fell significantly more-than-expected in September as consumers saw no improvement in the labor market.
AUD/USD hit 0.9730 during European morning trade, the pair's highest since July 22, 2008; the pair subsequently consolidated at 0.9700, gaining 0.26%.
The pair was likely to find support at 0.9462, last Friday's low and resistance at 0.9849, the high of July 15, 2008.
Earlier in the day, the Conference Board, a private research group, said its index of leading economic indicators for Australia rose 0.8% in August after rising by an upwardly revised 0.6% in July.
The report said increased share prices and dwelling approvals indicated that the country's economic growth looks set to continue in the coming quarters.
The Aussie was also up against the euro, with EUR/AUD shedding 0.24% to hit 1.4006.
On Tuesday, data showed that U.S. consumer confidence fell significantly more-than-expected in September as consumers saw no improvement in the labor market.