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Forex - AUD/USD higher after Australian building approvals

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Investing.com - The Australian dollar edged higher against its U.S. counterpart on Thursday, after the release of better-than-expected Australian data, although expectations for a near-term end to the Federal Reserve's stimulus program continued to support the greenback.

AUD/USD hit 0.9133 during late Asian trade, the session high; the pair subsequently consolidated at 0.9111, adding 0.28%.

The pair was likely to find support at 0.9038, Wednesday's low and a three-year low and resistance at 0.9250, the high of July 2.

Official data earlier showed that building approvals in Australia dropped 1.1% in May, less than the expected 1.5% decline, after a 9.5% increase the previous month.

Meanwhile, investors were looking ahead to Friday's U.S. nonfarm payrolls data, for further clues on when the Fed may decide to unwind its USD85 billion-a-month bond buying program.

Data on Wednesday showed that the U.S. private sector added 188,000 jobs in June, more than expectations for an increase of 160,000.

The Aussie was higher against the euro with EUR/AUD shedding 0.32%, to hit 1.4268.

Trade volumes were expected to remain light on Thursday, with markets in the U.S. closed for the Independence Day holiday.

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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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