Forex - AUD/USD trims losses as markets look to Fed FOMC minutes

Published 10/12/2010, 09:54 AM
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EUR/AUD
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Investing.com – The Australian dollar trimmed losses against its U.S. counterpart on Tuesday, retreating from a 2-day low, ahead of the release of minutes from the Federal Reserves most recent policy setting meeting.

AUD/USD retreated from 0.9769, the pair’s lowest since October 8, to hit 0.9806 during European afternoon trade, shedding 0.32%.

The pair was likely to find support at 0.9693, the low of October 6 and resistance at 0.9917, the high of October 7 and a 26-year peak.

Earlier in the day, data showed that Australian business confidence stayed close to a 4-month high in September. The National Australia Bank said that its index of business confidence slipped to 10 in September, down from 11 in August. The business conditions gauge, a measure of hiring, sales and profits, rose to 7 from 5 a month earlier.

Commenting on the report, Alan Oster, chief economist at NAB said, “Trading and profitability are exceptionally strong in mining but negative in retailing”.

Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.14% to hit 1.4085.

Later in the day, the Fed was to publish the minutes of its September 21 meeting of the Federal Open Market Committee.

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