Forex – AUD/USD edges lower, business confidence data weighs

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Aussie lower vs. greenback after Australian business confidence reportAussie lower vs. greenback after Australian business confidence report

Investing.com – The Australian dollar edged lower against its U.S. counterpart on Tuesday, after the release of disappointing business confidence data from Australia and as the greenback recovered from recent losses due to Friday’s soft jobs report.

AUD/USD hit 0.8609 during late Asian trade, the session low; the pair subsequently consolidated at 0.8609, slipping 0.13%.

The pair was likely to find support at 0.8538, the low of November 7 and a four-year low and resistance 0.8685, Monday’s high.

In a report, the National Australia Bank said its business confidence index ticked down to 4 in October from a reading of 5 the previous month.

Meanwhile, the greenback regained ground after falling in the previous two sessions after Friday’s softer than expected U.S. jobs report prompted investors to book profits in the greenback.

The Aussie was little changed against the euro, with EUR/AUD inching up 0.06% to 1.4417.



Source By Breaking News Website | BreakingNews.WS