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Forex - Aussie slides lower vs. stronger greenback

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Investing.com -

Investing.com - The Australian dollar slid lower against its U.S. counterpart on Tuesday, after the minutes of the Reserve Bank of Australia's most recent meeting were released, as expectations for a U.S. rate hike next month continued to lend broad support to the greenback.

AUD/USD hit 0.7073 during late Asian trade, the pair's lowest since November 12; the pair subsequently consolidated at 0.7077, shedding 0.27%.

The pair was likely to find support at 0.7021, the low of November 11 and resistance at 0.7160, the high of November 13.

The greenback remained broadly supported after Federal Reserve Vice-Chair Stanly Fischer said last Thursday that it "may be appropriate" for the Fed to begin raising rates next month.

Markets shrugged off a report by the Federal Reserve Bank of New York on Monday showing that its general business conditions index improved to -10.7 this month from a reading of -11.4 in October. Analysts had expected the index to rise to -6.0 in November.

In the minutes of its November policy meeting, the RBA said that the slowdown in China and the rest of Asia remains its biggest concern.

The RBA also said that the depreciation of the Australian dollar had helped lift the economy.

The Aussie was steady against the euro, with EUR/AUD at 1.5058.

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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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