Investing.com – The Australian dollar rose against its U.S. counterpart on Wednesday, after official GDP data sparked hopes that Australia’s economic recovery is self-sustaining.
AUD/USD rose to 0.8324 during late Asian trade, gaining 0.16%, up from a daily low of 0.8274. The pair was likely to find support at 0.8066, the low of May 25 and a 10-month low, and resistance at 0.8550, last Friday’s high.
Earlier in the day, Australian Bureau of Statistics data showed that Australian growth slowed to 0.5% in the March quarter, despite the withdrawal of large-scale stimulus spending.
The Aussie was also up against the euro, with EUR/AUD shedding 0.24% to hit 1.4680.
Later in the day, an industry group was due to release a report on U.S. pending home sales, a leading indicator of economic health. The report, which excludes new construction, measures the change in the number of homes under contract to be sold but still awaiting the closing transaction.
AUD/USD rose to 0.8324 during late Asian trade, gaining 0.16%, up from a daily low of 0.8274. The pair was likely to find support at 0.8066, the low of May 25 and a 10-month low, and resistance at 0.8550, last Friday’s high.
Earlier in the day, Australian Bureau of Statistics data showed that Australian growth slowed to 0.5% in the March quarter, despite the withdrawal of large-scale stimulus spending.
The Aussie was also up against the euro, with EUR/AUD shedding 0.24% to hit 1.4680.
Later in the day, an industry group was due to release a report on U.S. pending home sales, a leading indicator of economic health. The report, which excludes new construction, measures the change in the number of homes under contract to be sold but still awaiting the closing transaction.