Investing.com - The Australian dollar edged lower against its U.S. counterpart on Wednesday, weighed by disappointing building approvals data from Australia, although sentiment on the greenback remained fragile.
AUD/USD hit 0.9223 during late Asian trade, the pair''s lowest since Monday; the pair subsequently consolidated at 0.9236, slipping 0.13%.
The pair was likely to find support at 0.9154, the low of March 26 and short-term resistance at 0.9302, Tuesday''s high and a four-month high.
Official data showed that building approvals in Australia dropped 5.0% in February, compared to expectations for a 2.5% decline. Building approvals in January were revised up to a 6.9% increase from a previously estimated 6.8% rise.
But demand for the greenback remained under pressure after Federal Reserve Chair Janet Yellen on Monday said that "considerable slack" still remained in the labor market and reiterated that the Fed’s commitment to economic stimulus will still be needed for some time.
The Aussie was lower against the euro, with EUR/AUD rising 0.27% to 1.4957.
Later in the day, the U.S. was to release the ADP report on private sector job creation, as well as data on factory orders.
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