Investing.com – The Australian dollar was higher against its U.S. counterpart on Wednesday, boosted by a report showing that Australian consumer confidence rebounded in April.
AUD/USD hit 1.0493 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0486, gaining 0.47%.
The pair was likely to find support at 1.0388, Tuesday’s low and resistance at 1.0580, Monday’s high and the pair’s highest level since it was floated in December 1983.
Earlier in the day, a report showed that the Westpac-Melbourne Institute Index of Consumer Sentiment rose by 1.2% in April to 105.3. This followed a 2.4% fall in the consumer sentiment index last month.
The Australian dollar also remained well supported by interest rate differentials. Benchmark interest rates are 4.75% in Australia, compared with as low as zero in the U.S., attracting investors to the higher-yielding Australian currency.
The Aussie was also higher against the yen, with AUD/JPY jumping 1.13% to hit 88.20.
Later in the day, the Governor of the Reserve Bank of Australia was to speak. Also Wednesday, the U.S. was to publish government data on retail sales, while the Federal Reserve was to publish its Beige Book.
AUD/USD hit 1.0493 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0486, gaining 0.47%.
The pair was likely to find support at 1.0388, Tuesday’s low and resistance at 1.0580, Monday’s high and the pair’s highest level since it was floated in December 1983.
Earlier in the day, a report showed that the Westpac-Melbourne Institute Index of Consumer Sentiment rose by 1.2% in April to 105.3. This followed a 2.4% fall in the consumer sentiment index last month.
The Australian dollar also remained well supported by interest rate differentials. Benchmark interest rates are 4.75% in Australia, compared with as low as zero in the U.S., attracting investors to the higher-yielding Australian currency.
The Aussie was also higher against the yen, with AUD/JPY jumping 1.13% to hit 88.20.
Later in the day, the Governor of the Reserve Bank of Australia was to speak. Also Wednesday, the U.S. was to publish government data on retail sales, while the Federal Reserve was to publish its Beige Book.