The Australian dollar strengthened against the other major currencies in the Asian session on Tuesday, after data showed that the business confidence in Australia improved in June.
Data from the National Australia Bank showed that the business confidence in Australia improved in June, as its index came in with a score of +10. That’s up from the upwardly revised +8 in May, and it also marks the highest reading since September 2013.
The index for business conditions also advanced in June, climbing to a score of +11. That’s up from the downwardly revised +6 in May, and it marks the highest reading for the index in eight months.
The Australian dollar rose to 4-day highs of 1.4804 against the euro and 0.9469 against the Canadian dollar, from yesterday’s closing quotes of 1.4848 and 0.9431, respectively.
The aussie advanced to a 5-day high of 1.1112 against the NZ dollar, from yesterday’s closing value of 1.1057.
Against the U.S. dollar and the yen, the aussie edged up to 0.7428 and 91.76 from yesterday’s closing quotes of 0.7405 and 91.39, respectively.
If the aussie extends its uptrend, it is likely to find resistance around 1.42 against the euro, 0.97 against the loonie, 1.15 against the kiwi, 0.78 against the greenback and 95.50 against the yen.
The material has been provided by InstaForex Company – www.instaforex.com