Investing.com - The Australian dollar traded higher against its U.S. rival during Tuesday’s Asian session following the release of two more economic data points from down under.
In Asian trading Tuesday, rose 0.26% to 0.9002. he pair is likely to find support at 0.8846, the low from August 5 and resistance at 0.8977, Thursday’s high.
Earlier Tuesday, the Australian Bureau of Statistics said that Australian retail sales rose 0.1% last month after remaining flat in July. Analysts expected an August increase of 0.4%.
In a separate report, the Bureau of Statistics said that Australia’s current account balance fell to a deficit of AUD9.4 billion at the end of the second quarter from a deficit of AUD8.7 billion. The first-quarter figure was revised down from AUD8.5 billion. Analysts expected a second-quarter deficit of AUD8.7 billion.
Monday, the Australian Bureau of Statistics said that Australian building approvals rose 10.8% last week following a 6.3% drop in the previous week. The prior week’s figure was revised up from a drop of 6.9%. Analysts expected an increase of 4%.
In another report, the Australian Bureau of Statistics said that Australian gross operating profits fell 0.8% in the second quarter after rising 3.5% in the first quarter. Analysts expected a second-quarter decline of 0.7%.
The Reserve Bank of Australia also meets today with most traders expecting the central bank to leave rates steady after RBA lowered its benchmark interest rate to a record low 2.5% last month.
Elsewhere, climbed 0.53% to 89.63 while inched up 0.03% to 1.1505.