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Forex - AUD/USD slightly higher following data points

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Investing.com - The Australian dollar is trading modestly higher against its U.S. rival in Tuesday's Asian session following the release of a pair of key Aussie data points.

AUD/USD rose 0.09% to 1.0204 in Asian trading Tuesday. The pair was likely to find support at 1.0101, the low of July 12 and resistance at 1.0206, the March 4 high.

In a report released earlier today, Australian Bureau of Statistics said that Australian retail sales increased 0.9% last month following -0.4% fall in January. The January number was revised down from -0.2%. Analysts had expected Australian retail sales to rise 0.4% in February.

In a separate report, the Bureau of Statistics said that Australia's current account balance fell to AUD-14.7 billion in the fourth quarter from AUD-15 billion in the third quarter. Analysts expected Australia's current account balance to decline to AUD-15.3B in the fourth quarter.

Those data points follow three other important announcements delivered on Monday. Yesterday, official data earlier showed that building approvals in Australia fell unexpectedly in January, declining 2.4% after a 1.7% drop the previous month. Analysts had expected building approvals to rise 2.8% in January.

Another Monday report showed that company operating profits in Australia declined 1% in the fourth quarter, in line with expectations, after a 2.7% fall in the previous quarter. Also on Monday, data showed that job advertisements in Australia rose 3% in February, following a 0.6% increase the previous month.

Traders are currently awaiting a monetary policy decision from the Reserve Bank of Australia due out later today, though it is widely expected RBA will leave Australian interest rates unchanged at 3%.

Elsewhere, EUR/AUD fell 0.05% to 1.2771 while AUD/JPY dropped 0.14% to 95.16. AUD/NZD added 0.02% to 1.2321.

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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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