Shutterstock photo
Markets

Forex - AUD/USD holds steady after data, close to multi-year lows

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The Australian dollar held steady against its U.S. counterpart on Tuesday, hovering within close distance of multi-year lows although a positive report on Australian business confidence lent some support to the local currency.

AUD/USD hit 0.7582 during late Asian trade, the session low; the pair subsequently consolidated at 0.7591.

The pair was likely to find support at 0.7530, the low of April 2 and a six-year low and resistance at 0.7678, Monday's high.

In a report, the National Australia Bank said its business confidence index rose to 3 in March from a reading of zero the previous month.

Meanwhile, demand for the greenback remained broadly supported by expectations for higher interest rates, as investors regained confidence that the U.S. economy would continue to recover after recent economic reports pointed to a slowdown at the start of the year.

The Aussie was higher against the euro, with EUR/AUD slipping 0.14% to 1.3906.

Later in the day, the U.S. was to release data on retail sales and producer prices.

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 apps for Android and iOS!

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