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Forex - AUD/USD slightly higher after tepid data

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Investing.com -

Investing.com - The Australian dollar edged slightly higher against its U.S. counterpart on Thursday, after the release of tepid new motor vehicle sales data from Australia, while markets eyed a string of U.S. economic reports to be published later in the day.

AUD/USD hit 0.9384 during late Asian trade, the session high; the pair subsequently consolidated at 0.9392, edging up 0.15%.

The pair was likely to find support at 0.9271, the low of May 6 and resistance at 0.9426, the high of April 14.

Official data showed that new motor vehicle sales in Australia were flat last month, after a 0.3% fall in March.

The data came a day after Australia's Treasury said, in its annual budget report, that the government aims to nearly halve its budget deficit over the next year through a combination of spending cuts and tax increases.

The Aussie was lower against the New Zealand dollar, with AUD/NZD slipping 0.13% to 1.0805.

Also Thursday, data showed that the Business New Zealand Manufacturing Index fell to 55.2 in April, from 58.0 in March, whose figure was revised down from a previously estimated reading of 58.4.

Meanwhile, in its annual budget release, New Zealand's Treasury said the operating surplus will be NZ$372 million in the year through June 2015, up from a previously forecast NZ$86 million.

The Treasury also forecast the nation's jobless rate will decline to 4.4% in 2018 from a projected 5.4% next fiscal year.

Later in the day, the U.S. was to release data on initial jobless claims, consumer inflation and industrial production, as well as a report on manufacturing activity in the Philadelphia region.

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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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