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Forex - AUD/USD edges lower despite upbeat Australian data

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Investing.com -

Investing.com - The Australian dollar edged down against its U.S. counterpart on Tuesday, reapproaching two-month lows despite the release of upbeat economic reports from Australia as global tensions continued to weigh.

AUD/USD hit 0.9248 during late Asian trade, the pair's lowest since August 8; the pair subsequently consolidated at 0.9254, slipping 0.10%.

The pair was likely to find support at 0.9239, the low of August 8 and resistance at 0.9286, Monday's high.

In a report, the National Australia Bank said its business confidence index rose to 11 last month, from a reading of 8 in June.

Data also showed that house price inflation in Australia rose 1.8% in the second quarter, compared to expectations for a 1.1% increase. The first quarter's figure was revised to a 1.5% gain from a previously estimated 1.7% rise.

But investors remained cautious after Iraq on Monday named Haidar al-Abadi as the new prime minister to end the eight-year rule of Nuri al-Maliki, but Maliki has refused to go and deployed special forces in Baghdad.

In Ukraine, a Russian convoy of 280 trucks carrying humanitarian aid set off on Tuesday amid Western warnings against using help as a pretext for an invasion.

The Aussie was steady against the euro, with EUR/AUD dipping 0.07% to 1.4438.

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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.

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