3 Dec 2014
AUD/USD steadies above 0.8400
FXStreet (Córdoba) - AUD/USD managed to pare losses and steadied in a narrow range above the 0.8400 level after hitting a fresh 4-year low during the Asian session.
The Australian dollar was heavily sold-off and bottomed out at a fresh low of 0.8388 after data showed Australian GDP grew less than expected in Q3. However, the AUD/USD managed to recover some ground throughout the European trade and rose back above the 0.84 mark.
The bounce has been capped by the 0.8425 area so far, confining the AUD/USD to a phase of consolidation over the last hours. At time of writing, the pair is trading at 0.8420, recording a 0.26% loss on the day.
Lower commodity prices, diverging monetary policies and RBA talking down the Aussie, have pressured AUD/USD, which has lost almost 10% so far this quarter to trade at 4-year lows.
The Australian dollar was heavily sold-off and bottomed out at a fresh low of 0.8388 after data showed Australian GDP grew less than expected in Q3. However, the AUD/USD managed to recover some ground throughout the European trade and rose back above the 0.84 mark.
The bounce has been capped by the 0.8425 area so far, confining the AUD/USD to a phase of consolidation over the last hours. At time of writing, the pair is trading at 0.8420, recording a 0.26% loss on the day.
Lower commodity prices, diverging monetary policies and RBA talking down the Aussie, have pressured AUD/USD, which has lost almost 10% so far this quarter to trade at 4-year lows.