Forexpros – The Australian dollar rose to a six-day high against its U.S. counterpart on Tuesday, amid hopes that European officials will make some progress on tackling the region’s debt crisis at a meeting later in the day.
AUD/USD hit 0.9994 during late Asian trade, the pair’s highest since November 21; the pair subsequently consolidated at 0.9948, climbing 0.43%.
The pair was likely to find support at 0.9789, the low of November 28 and resistance at 1.0106, the high of November 18.
Euro zone finance ministers were to meet later on Tuesday to approve detailed arrangements for scaling up the European Financial Stability Facility. They were also expected to release Greece’s next tranche of financial aid.
Meanwhile, Germany and France were still discussing proposals for a fiscal union due to be presented before the next European Union summit on December 9.
Elsewhere, ratings agency Fitch cut the credit outlook for the United States to negative, though it expected no move on the actual rating until late 2013.
The Aussie was also up against the New Zealand dollar with AUD/NZD rising 0.26%, to hit 1.3148.
Earlier Tuesday, official data showed that Japan retail sales rose far more-than-expected in October. Japan is Australia’s biggest export partner.
Later in the day, the U.S. was to release industry data on house price inflation as well as a report on consumer confidence.
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