Forex - AUD/USD hits 3-day high as commodities, data support
Investing.com
Published May 26, 2011 02:58AM ET
AUD/USD hit 1.0613 during late Asian trade, the pair’s highest since May 23; the pair subsequently consolidated at 1.0591, gaining 0.54%.
The pair was likely to find support at 1.0478, Tuesday’s low and resistance at 1.0680, the high of May 19.
The Australian Bureau of Statistics said earlier that capital spending climbed 3.4% in the three months to March 31, outstripping expectations for a 2.7% increase.
Demand for the Aussie was also boosted after Reserve Bank of Australian Deputy Governor Ric Battellino said the strength of the currency reflected demand for the nation’s natural resources in a “very strong” global economy.
The Aussie was also higher against the yen, with AUD/JPY rising 0.32% to hit 86.61.
Later in the day, the U.S. was to publish revised government data on first quarter economic growth as well as a weekly report on initial jobless claims.
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Written By: Investing.com
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