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Forex - AUD/USD steady after Australian data

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Investing.com - The Australian dollar was steady against its U.S. counterpart on Tuesday, after the release of disappointing Australian data, while hopes for a strong economic recovery in the U.S. supported the greenback.

AUD/USD hit 1.0312 during late Asian trade, the pair's highest since February 25; the pair subsequently consolidated at 1.0279, inching up 0.01%.

The pair was likely to find support at 1.0249, the low of February 25 and resistance at 1.0329, the high of February 25.

Earlier in the day, the National Bank of Australia said its index of business confidence fell to 1 in February from a reading of 3 the previous month.

Meanwhile, the greenback remained supported after data on Friday showed that the U.S. economy added significantly more jobs than forecast in February, with the unemployment rate falling to a four-year low of 7.7%.

The robust data fuelled speculation over an earlier-than-expected end to the Federal Reserve's easing program.

The Aussie was higher against the euro with EUR/AUD shedding 0.26%, to hit 1.2657.

The euro remained under pressure amid concerns over the economic outlook for the region, while worries over ongoing political uncertainty in Italy also weighed.

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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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