Aussie drops against dollar, despite rise in business investment

ForexNewsNow | Published on November 25, 2010 at 4:29 am

intraday analysis - The Australian FlagNEW YORK (Forex News Now) – The Aussie fell slightly versus the greenback on Thursday, despite the release of a report which showed a surprisingly high rise in Australian business investment in the third quarter.

In currency market trading, AUD/USD dropped to 0.9811, down 0.07 percent from the opening price of 0.9818.

Australian business investment rose 6.2 percent in the third quarter, almost twice as fast as the prediction of 3.2 made by most economists. The mark was also a vast improvement on the second quarter reading of minus 3.2 percent.

According to AUD/USD analysis, the Aussie was likely to touch key support around the October 20 low of 0.9662, and to encounter strong resistance around Tuesday’s high of 0.9881.

The Aussie’s fall also came as US banks were closed in observance of the American thanksgiving holiday.

Elsewhere, the Aussie remained unchanged against the yen: AUD/JPY traded at 82.01, the same price at which it opened the day.

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