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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, trading close to a two-week high, although upbeat U.S. data continued to support demand for the greenback.

AUD/USD hit 1.0333 during late Asian trade, the session high; the pair subsequently consolidated at 1.0329, inching up 0.05%.

The pair was likely to find support at 1.0268, Tuesday's low and resistance at 1.0368, the high of February 20.

The greenback continued to be supported by hopes that the U.S. economic recovery is gaining momentum after the release of strong employment data last week.

In Australia, the Westpac Banking Corporation said consumer sentiment rose 2% in March, after a 7.7% increase the previous month.

A separate report showed that home loans in Australia fell unexpectedly in January, sliding 1.5% after a 2.1% decline the previous month. Analysts had expected home loans to tise 0.6% in January.

The Aussie was fractionally lower against the euro with EUR/AUD adding 0.16%, to hit 1.2644.

Later in the day, the U.S. was to release government data on retail sales, as well as official data on import prices, business inventories and 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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