The Australian dollar was higher against its U.S. counterpart on Wednesday, pulling away from a seven-month trough after positive Australian data but gains were expected to remain limited as Tuesday's U.S. manufacturing data continued to boost the greenback.
AUD/USD hit 0.8879 during late Asian trade, the session high; the pair subsequently consolidated at 0.8879, gaining 0.44%. The pair was likely to find support at 0.8829, Tuesday's low and a seven-month low and resistance at 0.8952, the high of September 22.
In a report, the Conference Board said its leading index for Australia rose 0.5% in July, after a 0.2% gain in June, whose figure was revised down from a previously estimated increase of 0.4%. Separately, the Reserve Bank of Australia said that it is currently discussing possible measures with other regulators to strengthen lending practices.
