Investing.com – The Australian dollar was almost unchanged against its U.S. counterpart on Wednesday, as upbeat Australia consumer sentiment data lent support to the Aussie, but investors remained cautious ahead of the Federal Reserve meeting minutes due later in the day.
AUD/USD hit 0.9416 during late Asian trade, the pair’s highest since July 3; the pair subsequently consolidated at 0.9401, inching up 0.01%.
The pair was likely to find support at 0.9342, the low of July 7 and resistance at 0.9439, the high of June 30.
In a report, the Westpac Banking Corporation said consumer sentiment in Australia rose 1.9% in July, after a 0.2% uptick the previous month.
Meanwhile, the greenback remained under pressure amid concerns that recent U.S. data showing that the labor market is continuing to strengthen will not be enough to prompt the Fed to bring forward its timetable for raising interest rates.
Last week, data showed that the U.S. economy added a larger-than-forecast 288,000 jobs last month, while the unemployment rate ticked down to 6.1%, the lowest in almost six years.
But investors remained cautious amid growing expectations that the Fed will stick to its dovish stance on monetary policy amid concerns over ongoing slow growth in inflation and wages.
The Aussie was steady against the euro, with EUR/AUD easing up 0.07% to 1.4493.