Forex - AUD/USD slumps to 12-day low amid global growth fears
Investing.com
Published Aug 04, 2011 03:02AM ET
AUD/USD hit 1.0651 during late Asian trade, the pair’s lowest since July 19; the pair subsequently consolidated at 1.0684, shedding 0.66%.
The pair was likely to find support at 1.0598, the low of July 19 and resistance at 1.0785, Wednesday’s high.
Japanese Finance Minister Yoshihiko Noda confirmed earlier that the country intervened to curb the yen’s gains for the first time since March, sending the yen sharply lower against all major currencies.
In addition, the Bank of Japan announced additional monetary easing to further bolster growth, pledging to buy more assets such as stocks and bonds.
Elsewhere, concerns over a slowdown in global growth lingered after a report on Wednesday showed activity in the U.S. services sector declined unexpectedly in July, falling to the lowest level since February 2010.
A separate report showed that U.S. factory orders declined more-than-expected in June.
Meanwhile, the Aussie was higher against the yen, with AUD/JPY surging 2.43% to hit 84.87.
Later Thursday, the U.S. was to publish government data on initial jobless claims.
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Written By: Investing.com
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