Investing.com – The Australian dollar pared losses against its U.S. counterpart on Wednesday, pulling back from the daily low after official data showed that retail sales rose more-than-expected in August.
AUD/USD pulled back from 0.9488, the daily low, to hit 0.9542 during late Asian trade, still down 0.28% on the day.
The pair was likely to find support at 0.9386, Tuesday’s low and a one-year low and resistance at 0.9699, Monday’s high.
The Australian Bureau of Statistics said retail sales rose 0.6% in August after rising by an upwardly revised 0.6% the previous month, outstripping expectations for a 0.2% gain.
The data came a day after the Reserve Bank of Australia signaled that it has the scope to cut interest rates if inflationary pressures ease.
The Aussie remained under pressure as concerns over a default by Greece mounted after a decision on the country’s next tranche of aid was delayed until mid-November. Elsewhere in the euro zone, ratings agency Moody’s lowered Italy’s rating three levels to A2 from Aa2, with a negative outlook.
The Aussie was also lower against the yen, with AUD/JPY shedding 0.49% to hit 73.15.
Later in the day, the U.S. was to release a report on ADP non-farm payrolls, while the ISM was to produce a report on service sector activity.
AUD/USD pulled back from 0.9488, the daily low, to hit 0.9542 during late Asian trade, still down 0.28% on the day.
The pair was likely to find support at 0.9386, Tuesday’s low and a one-year low and resistance at 0.9699, Monday’s high.
The Australian Bureau of Statistics said retail sales rose 0.6% in August after rising by an upwardly revised 0.6% the previous month, outstripping expectations for a 0.2% gain.
The data came a day after the Reserve Bank of Australia signaled that it has the scope to cut interest rates if inflationary pressures ease.
The Aussie remained under pressure as concerns over a default by Greece mounted after a decision on the country’s next tranche of aid was delayed until mid-November. Elsewhere in the euro zone, ratings agency Moody’s lowered Italy’s rating three levels to A2 from Aa2, with a negative outlook.
The Aussie was also lower against the yen, with AUD/JPY shedding 0.49% to hit 73.15.
Later in the day, the U.S. was to release a report on ADP non-farm payrolls, while the ISM was to produce a report on service sector activity.