Shutterstock photo
Markets

Forex - AUD/USD steady, near 2-week highs after RBA minutes

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The Australian dollar was steady against its U.S. counterpart on Tuesday, trading near two-week highs after the Reserve Bank of Australia said interest rates are likely to remain at record lows for an extended period of time.

AUD/USD hit 0.9342 during late Asian trade, the pair's highest since August 7; the pair subsequently consolidated at 0.9328, inching up 0.03%.

The pair was likely to find support at 0.9298, the low of August 15 and resistance at 0.9358, the high of August 7.

In the minutes of its August policy meeting, the RBA said that the nation's economic outlook remains uncertain and reiterated that interest rates are set to remain on hold.

The central bank added that "GDP growth was likely to have slowed to a more moderate pace in the June quarter."

Meanwhile, the greenback remained supported after a report on Monday showed that U.S. home builder sentiment rose unexpectedly in August, signalling underlying strength in the housing market.

The NAHB/Wells Fargo Housing Market index hit a seven-month high of 55, compared to expectations of an unchanged reading.

The Aussie was higher against the euro, with EUR/AUD slipping 0.13% to 1.4311.

Later in the day, the U.S. was to release reports on building permits, housing starts and consumer inflation.

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 Stocks & Forex App for Android!

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