Investing.com - The Australian dollar edged higher against its U.S. counterpart on Tuesday, supported by positive business confidence data out of Australia, as well as an inflation report from China.
AUD/USD hit 1.0448 during late Asian trade, the pair's highest since April 4; the pair subsequently consolidated at 1.0425, adding 0.12%.
The pair was likely to find support at 1.0386, the low of April 4 and resistance at 1.0490, the high of April 4.
In a report, the National Australia Bank said its index of business confidence rose to 2 in March from a reading of 1 the previous month.
The Aussie also found support after official data showed that the annual rate of Chinese consumer inflation eased to 2.1% in March from 3.2% in February and below forecasts for 2.4%.
The data eased market concerns over further policy tightening by the Chinese government.
China is Australia's biggest export partner.
The Aussie was higher against the New Zealand dollar with AUD/NZD shedding 0.22%, to hit 1.2281.
Also Tuesday, the New Zealand Institute of Economic Research said its index of business confidence rose to 23 in the first quarter from a reading of 20 in the previous quarter.
Later in the day, Federal Reserve Chairman Ben Bernanke was to speak.
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