Shutterstock photo
Markets

Forex - AUD/USD edges lower in cautious trade

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The Australian dollar edged lower against its U.S. counterpart on Tuesday, as markets were jittery ahead of the release of U.S. data amid fresh concerns over the strength of the country's economic recovery.

AUD/USD hit 0.9015 during late Asian trade, the session low; the pair subsequently consolidated at 0.9015, slipping 0.22%.

The pair was likely to find support at 0.8928, the low of February 13 and resistance at 0.9152, the high of December 11.

Investors were awaiting U.S. reports on house price inflation and consumer confidence for further indications on the outlook for growth.

A recent series of disappointing U.S. economic indicators, including reports on jobs growth, retail sales and housing, have sparked concerns that the economic recovery has lost momentum since the end of last year.

The Aussie was also lower against the New Zealand dollar, with AUD/NZD falling 0.20% to 1.0825.

Also Tuesday, the Reserve Bank of New Zealand said inflation expectations remained unchanged at 2.3% in the last quarter.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

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.

Other Topics

ForEx