Forex - AUD/USD hits one-year low after RBA leaves rates unchanged
Investing.com
Published Oct 04, 2011 04:09AM ET
AUD/USD hit 0.9414 during late Asian trade, the pair's lowest since September 21, 2010; the pair subsequently consolidated at 0.9438, dropping 0.92%.
The pair was likely to find support at 0.9360, the low of September 20, 2010 and resistance at 0.9699, Monday's high.
Earlier in the day, the RBA announced its decision to leave interest rates unchanged at 4.75%, in light of the "very unsettled conditions in global financial markets."
Meanwhile, official data showed that Australian building approvals rose much more-than-expected in August, jumping 11.4%, after an upwardly revised 1.8% increase the previous month.
Analysts had expected building approvals to rise 1.1% in August.
In a separate report, the Australian Bureau of Statistics said the country's trade surplus rose to AUD3.10 billion in August, exceeding expectations for a AUD2.14 billion increase.
Investors remained wary of a potential Greek default, after European finance ministers on Monday postponed a decision on the release of Greece's next EUR8 billion bailout tranche until October 17.
Elsewhere, the Aussie was down against the euro with EUR/AUD gaining 0.82%, to hit 1.3942.
Later in the day, Federal Reserve Chairman Ben Bernanke was due to testify before the Joint Economic Committee.
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Written By: Investing.com
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