Investing.com - The Australian dollar rose to two-week highs against its U.S. counterpart on Wednesday, as falling expectations for the Federal Reserve to raise interest rates this year continued to weigh on demand for the greenback.
AUD/USD hit 0.7188 during late Asian trade, the pair's highest since September 21; the pair subsequently consolidated at 0.7184, adding 0.27%.
The pair was likely to find support at 0.7067, Tuesday's low and resistance at 0.7282, the high of September 18.
The U.S. dollar remained under pressure as weak U.S. jobs data on Friday underlined fears that a slowdown in global economic growth has spread to the U.S. economy and prompted investors to push back expectations on the timing of an initial rate hike by the Federal Reserve to early 2016.
The greenback was also hit after official data released on Tuesday showed that the U.S. trade deficit widened to $48.33 billion in August from $41.81 billion in July, whose figure was revised from a previously estimated deficit of $41.90 billion.
Analysts had expected the trade deficit to widen to $47.40 billion in August.
The Aussie was higher against the euro, with EUR/AUD sliding 0.36% to 1.5674.