Investing.com - The Australian dollar edged higher against its U.S. counterpart on Thursday, after data showed that inflation expectations in Australia rose last month, while positive Chinese manufacturing data lent support to export-related currencies.
AUD/USD hit 0.9274 during late Asian trade, the pair''s highest since Tuesday; the pair subsequently consolidated at 0.9266, adding 0.16%.
The pair was likely to find support at 0.9154, the low of March 26 and resistance at 0.9336, the high of May 20.
In a report, the Melbourne Institute said inflation expectations for the next 12 months ticked up to 4.4% in April, from 4.2% in March, whose figure was revised up from a previously estimated 2.4%.
Separately, data showed that the preliminary reading of China’s HSBC manufacturing index rose to a five month high of 49.7 this month, up from a final reading 49.4 in April, but still remained below the 50 level separating contraction from expansion.
China is Australia''s biggest export partner.
In the U.S., the minutes of the Federal Reserve’s April meeting indicated on Wednesday that the bank continues to see a slow improvement in the economy, but reiterated that rates are likely to remain on hold at record lows for some time after its asset purchase program ends.
The Aussie was higher against the euro, with EUR/AUD shedding 0.26% to 1.4756.
Later in the day, the U.S. was to release its weekly report on initial jobless claims and private sector data on existing home sales.
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