Investing.com – The Australian dollar trimmed losses against its U.S. counterpart on Tuesday, after the release of better-than-expected data on U.S. consumer confidence.
AUD/USD retreated from 0.9831, the daily low to hit 0.9866 during European afternoon trade, shedding 0.39%.
The pair was likely to find support at 0.9757, the low of October 22 and resistance at 0.9973, Monday’s high.
Earlier in the day, market research group the Conference Board, said its index of U.S. consumer confidence rose to 50.2 in October, after falling to a revised 48.6 in September. Analysts had expected the index to rise to 49.0 in October.
The report also showed that the CB index of consumer expectations rose to 67.8, compared to 65.5 in September.
Commenting on the report, director of the CB consumer research Lynn Franco said, “Consumer confidence, while slightly improved from September levels, is still hovering at historically low levels".
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.22% to hit 1.4070.
Also Tuesday, U.S. data showed that the S&P/Case-Shiller home price index rose less-than-expected in August.
AUD/USD retreated from 0.9831, the daily low to hit 0.9866 during European afternoon trade, shedding 0.39%.
The pair was likely to find support at 0.9757, the low of October 22 and resistance at 0.9973, Monday’s high.
Earlier in the day, market research group the Conference Board, said its index of U.S. consumer confidence rose to 50.2 in October, after falling to a revised 48.6 in September. Analysts had expected the index to rise to 49.0 in October.
The report also showed that the CB index of consumer expectations rose to 67.8, compared to 65.5 in September.
Commenting on the report, director of the CB consumer research Lynn Franco said, “Consumer confidence, while slightly improved from September levels, is still hovering at historically low levels".
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.22% to hit 1.4070.
Also Tuesday, U.S. data showed that the S&P/Case-Shiller home price index rose less-than-expected in August.