Investing.com - The Australian dollar was steady against its U.S. counterpart on Tuesday, as markets were jittery ahead of the release of key economic data from the euro zone and the U.S., amid ongoing hopes for fresh easing measures by global central banks.
AUD/USD hit 1.0534 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0522, easing up 0.04%.
The pair was likely to find support at 1.0445, the low of August 3 and resistance at 1.0581, the high of August 10.
Market sentiment found support amid sustained expectations for fresh action by the European Central Bank to shore up growth, while recent weak data out of China and Japan added to speculation that other central banks may turn to fresh easing measures as well.
Investor confidence also slightly strengthened after a report earlier showed that Germany’s economy grew unexpectedly in the second quarter, although investors remained cautious ahead of euro zone growth data, expected later in the day.
In Australia, industry data showed that the index for business confidence improved to 4 in July from a reading of minus 3 the previous month.
A separate report showed that new motor vehicle sales in Australia fell 0.8% in July after a 1% drop the previous month.
Elsewhere, the Aussie was lower against the New Zealand dollar with AUD/NZD falling 0.14%, to hit 1.2983.
Also Tuesday, official data showed that retail sales in New Zealand, rose far more than expected in the second quarter, climbing 1.5% after a 0.6% drop the previous quarter.
Core retail sales, which exclude automobiles and gas stations, rose 0.9% in the three months to June, less than the expected 1% increase and following a 1.4% drop in the first quarter.
Later in the day, the U.S. was to publish official data on retail sales and producer price inflation, followed by data on business inventories.
AUD/USD hit 1.0534 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0522, easing up 0.04%.
The pair was likely to find support at 1.0445, the low of August 3 and resistance at 1.0581, the high of August 10.
Market sentiment found support amid sustained expectations for fresh action by the European Central Bank to shore up growth, while recent weak data out of China and Japan added to speculation that other central banks may turn to fresh easing measures as well.
Investor confidence also slightly strengthened after a report earlier showed that Germany’s economy grew unexpectedly in the second quarter, although investors remained cautious ahead of euro zone growth data, expected later in the day.
In Australia, industry data showed that the index for business confidence improved to 4 in July from a reading of minus 3 the previous month.
A separate report showed that new motor vehicle sales in Australia fell 0.8% in July after a 1% drop the previous month.
Elsewhere, the Aussie was lower against the New Zealand dollar with AUD/NZD falling 0.14%, to hit 1.2983.
Also Tuesday, official data showed that retail sales in New Zealand, rose far more than expected in the second quarter, climbing 1.5% after a 0.6% drop the previous quarter.
Core retail sales, which exclude automobiles and gas stations, rose 0.9% in the three months to June, less than the expected 1% increase and following a 1.4% drop in the first quarter.
Later in the day, the U.S. was to publish official data on retail sales and producer price inflation, followed by data on business inventories.