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Forex - AUD/USD almost unchanged in cautious trade

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Investing.com - The Australian dollar was almost unchanged against its U.S. counterpart on Wednesday, as markets were jittery ahead of the European Central Bank's monthly policy meeting.

AUD/USD hit 1.0523 during late Asian trade, the pair's highest since January 3; the pair subsequently consolidated at 1.0509, inching up 0.06%.

The pair was likely to find support at 1.0470, Tuesday's low and resistance at 1.0533, the high of December 19.

The ECB was widely expected to hold off cutting rates at its policy-setting meeting on Thursday, but some market participants expected the bank to flag the possibility of rate cuts later in the year.

Markets were also jittery amid concerns about continuing political wrangling in Washington over further budget cuts and raising the U.S. debt ceiling.

In Australia, official data showed that retail sales ticked down 0.1% in November, disappointing expectations for a 0.3% rise, after a flat reading the previous month.

A separate report showed that new home sales in Australia rose 4.7% in November after a 3.4% increase the previous month.

The Aussie was also steady against the euro with EUR/AUD dipping 0.05%, to hit 1.2449.

Later in the day, the U.S. was to produce data on crude oil stockpiles.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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