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Aussie Soars To 20-day High Against Greenback [AUD/USD]
4/8/2008 6:53:23 AM The Australian dollar advanced against the US currency in early trading on Tuesday. At about 12:20 am ET, the pair lost ground but it bounced back shortly. The pair reached a 20-day high of 0.9294 by about 6:00 am ET, compared to 0.9256 hit late Monday in New York. As of now, the aussie-greenback pair is worth 0.9283.

Both business conditions and business confidence in Australia deteriorated to their lowest levels in years last month. The National Australia Bank (NAB) survey of business conditions declined 4 points in March to a reading of 7 points, marking its lowest level since December 2002.

NAB also said its accompanying business confidence index fell 2 points for the month, to a reading of minus-4, its lowest level since September 2001. The confidence index rose 2 points in February, to a reading of minus-2. The results add to recent data indicating that the Reserve Bank of Australia`s steps to cool the nation`s red-hot economy are having the desired effect.

The US pending home sales for February has been scheduled for release in the upcoming hours. Analysts expect sales to decline 1.0% from January`s flat rate.

At 2:00 pm ET, the major report of the day will be made public when the FOMC releases the minutes from their March 18 meeting, where they cut the federal funds rate by 75 basis points bringing it to 2.25%.