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.
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.