Forexpros – The Australian dollar was higher against its U.S. counterpart on Wednesday, bouncing off a three-month low after relatively positive Australian economic data but sustained concerns over the outlook for global growth continued to weigh on risk sentiment.
AUD/USD hit 1.0300 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0295, rising 0.45%.
The pair was likely to find support at 1.0201, the low of January 6 and resistance at 1.0355, Tuesday’s high.
Official data showed earlier that home loans in Australia fell less-than-expected in February, ticking down 2.5% after a 1.1% decline the previous month.
Analysts had expected home loans to drop 3.6% in February.
The data came after a report by the Westpac Banking Corporation showed that Australian consumer sentiment for April declined 1.6%, following a 5.0% fall the previous month.
But investors remained jittery amid sustained concerns over the handling of Spain’s financial crisis as the yield on 10-year government bonds remained close to 5.9%, sparking fears that that Spain will be the next euro zone country to require a bailout.
Meanwhile, global growth concerns persisted after government data on Friday showed that the U.S. economy added just 120,000 jobs in March, the lowest number since December, while a separate report revealed that Chinese imports declined sharply in March.
Elsewhere, the Aussie was higher against the euro with EUR/AUD losing 0.22%, to hit 1.2735.
Later in the day, the U.S. is to release government data on import prices as well as crude oil stockpiles and the federal budget balance. The Federal Reserve is also to publish its Beige Book.
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