Forex - AUD/USD trims losses as Swiss franc weakens broadly
Investing.com
Published Sep 06, 2011 03:16AM ET
AUD/USD pulled back from 1.0495, the pair’s lowest since August 26, to hit 1.0548 during late Asian trade, dipping 0.02%.
The pair was likely to find support at 1.0416, the low of August 26 and resistance at 1.0617, Monday’s high.
The Australian dollar fell against the greenback earlier after the Reserve Bank of Australia left its interest rate on hold at 4.75%, in a widely expected decision.
In its rate statement, the central bank indicated that rates are likely to remain on hold in the coming months amid uncertainty over the debt crisis in the euro zone and concerns that the U.S. is slipping back into a recession.
"At this stage, little evidence is available to gauge any effects of the European and U.S. problems on other regions," RBA Governor Glenn Stevens said.
Also Tuesday, official data showed that Australian home loan approvals rose less-than-expected in July.
The Statistics Bureau said the number of loans granted to build or buy houses and apartments rose 1% from June, when they increased a revised 0.6%. Analysts had expected home loan approvals to increase by 1.6%.
The Aussie was also lower against the yen, with AUD/JPY shedding 0.20% to hit 80.94.
Later in the day, the Institute of Supply Management was to produce a report on U.S. service sector activity.
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Written By: Investing.com
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