June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

Forex - AUD/USD erases gains as risk appetite ebbs

Published 08/30/2011, 03:45 AM
AUD/USD
-
AUD/JPY
-
Investing.com – The Australian dollar erased gains against its U.S. counterpart on Tuesday, retreating from a three-week high as risk appetite faded amid fresh uncertainty over the outlook for global growth and after disappointing domestic data on building approvals.

AUD/USD pulled back from 1.0684, the pair’s highest since August 4 to hit 1.0650 during late Asian trade, slipping 0.05%.

The pair was likely to find support at 1.0558, Monday’s low and resistance at 1.0778, the high of August 4.

Risk appetite waned as investors began to focus on the release of the minutes of the Federal Reserve’s August policy setting meeting later in the day, after Fed Chairman Ben Bernanke said Friday that there was no need for an immediate round of additional economic stimulus but left options open.

Earlier in the day, the Australian Bureau of Statistics said building approvals rose for the first time in four months in July, rising 1.0% but were still below expectations for a 2.1% increase.

Approvals in June fell to a downwardly revised 3.6% to hit their lowest level in two years.

The Aussie was also lower against the yen, with AUD/JPY shedding 0.23% to hit 81.66.

Also Tuesday, the U.S. was to release data on consumer confidence as well as an industry report on house price inflation.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.