(MENAFN- FxPro) The Australian dollar was lower against its U.S. counterpart on Tuesday, despite upbeat business confidence data from Australia although demand for the greenback also continued to weaken after last week's sharp gains.
AUD/USD hit 0.7671 during late Asian trade, the session low; the pair subsequently consolidated at 0.7685, shedding 0.25%.
The pair was likely to find support at 0.7601, Monday's low and resistance at 0.7728, the high of June 5.
In a report, the National Australia Bank said its business confidence index rose to 7 in May from a reading of 3 the previous month.
Data also showed that Australia's home loans increased by 1.0% in April, confounding expectations for a 2.0% decline after a 1.5% fall in March.
Meanwhile, sentiment on the greenback remained vulnerable following rumors on Monday that President Obama told the G7 summit in Germany that the strong dollar was "a problem."
The U.S. dollar had strengthened broadly after a strong U.S. jobs report on Friday bolstered expectations that the Federal Reserve will hike interest rates later this year.
The Aussie was lower against the euro, with EUR/AUD gaining 0.49% to 1.4729.
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