Forexpros – The Australian dollar was steady against its U.S. counterpart on Tuesday, after Australian economic on business confidence and job advertisements data while global growth concerns continued to weigh on market sentiment.
AUD/USD hit 1.0296 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0305, edging down 0.08%.
The pair was likely to find support at 1.0243, the low of April 4 and a three-month low and resistance at 1.0377, the high of January 12.
A report showed earlier that an index of business confidence for Australia rose to 3 in March after a reading of 1 the previous month.
The data came after a separate report showed that job advertisements in Australia rose 1% in March after a 3.3% increase the previous month.
The Aussie came under pressure however after official data showed that China posted a trade surplus of USD5.35 billion last month, as imports grew just 5.3% after increasing by 39.6% in February. China is Australia’s largest export partner.
Meanwhile, weaker-than-expected nonfarm employment data from the U.S. on Friday revived expectations that the Fed may conduct a fresh round of quantitative easing and added to uncertainty over the global economic outlook.
Elsewhere, the Aussie was fractionally lower against the euro with EUR/AUD adding 0.04%, to hit 1.2715.
Later in the day, official data is to be released on investor confidence in the euro zone.
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